Are you unsure about the difference between life insurance and critical illness insurance? Here is everything you need to know about critical illness insurance and how it can benefit you

While many people are familiar with the term life insurance and the important role it plays in protecting your family during some of life’s most difficult times, the majority of individuals are unaware of critical life insurance and how it can benefit you.

Critical illness cover is a type of insurance that pays out a lump sum if you’re diagnosed with a specific medical condition or illness listed in your policy. This can include:

  • acute stroke
  • certain types of cancer
  • heart attack

AIME Policies Take Care Of All Your Needs

Whether you’re looking for a mortgage life insurance, mortgage life disability, or critical illness coverage, AIME strives to provide you with the most affordable, transparent, and flexible policies to meet all your unique needs.

Want to know how we can protect your family and give you total peace of mind?


What is Critical Illness Insurance?

Critical illness cover is a type of insurance that pays out a lump sum if you’re diagnosed with a specific medical condition or illness listed on your policy. It’s designed to support you and your family financially while you deal with your diagnosis - so you can focus on your recovery without worrying about the bills.

How is Critical Illness Coverage Different From Life Insurance?

Before you decide whether you want to purchase critical illness coverage, life insurance, or both, it’s important to understand the difference between the two. Critical illness can be ADDED to your 20/20 policy, but not every person is sure if they need both. 

  • Critical illness insurance doesn’t usually pay out if you pass away. This means it’s not always suitable if you want to make sure your family is provided for after you’re gone.

  • Life insurance usually only pays out if you pass away. It’s designed to give your family peace of mind and help them maintain their lifestyle after you’re gone (eg. paying a mortgage or university fees).


Who Needs Critical Illness Cover?

As critical illness cover is designed to take care of all extra costs if you fall ill, you may want to consider it if:

  • you depend heavily on your salary to support yourself and your family.
  • you don’t have enough savings to fall back on in the event you become seriously ill or disabled.
  • your job won’t cover you for a long period off work due to sickness.

Remember: This cover is for helping you pay your bills during difficult times. An illness can be an extremely challenging period, especially if you don’t have enough money to cater for the treatment. This cover can help you get through this period with ease so you can focus on your recovery.


How Much Coverage Do I Need?

This is a very important question to ask yourself when purchasing critical illness cover. Again, you’ll need to think about the costs you’d have to cover if you were to fall ill and couldn’t work. Here are some things to consider:

  • If you have children, you’ll want to make sure your family is provided for in case you can’t work. You’ll need enough cover to offer your loved ones financial security during this time.

  • If you’re single, you’ll need a policy to ensure your mortgage can be paid off.

For extra protection, you should consider purchasing critical illness cover and life insurance at the same time. This way, you’ll be protected against different circumstances and can ensure that, no matter what happens, your family will remain financially stable.

Critical Illness Coverage with AIME

AIME provides customers with the option of adding critical illness coverage to their mortgage life insurance policy. This will pay you a lump sum of up to $30,000 if you suffer a heart attack, acute stroke, or develop a life-threatening cancer.

As is the case with life coverage, the amount is designed to provide financial protection for your family in the event that something were to happen to you before your mortgage is paid off.


Call Today

To find out more about our mortgage life insurance policies and critical illness coverage, call one of our licensed agents today at 1-866-821-1439 or fill in our online contact form.

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