What is Terminal Illness Insurance?

Terminal Illness Insurance pays out if you are diagnosed with an illness from which you are expected to die within 12 months of diagnosis.

This type of insurance is normally included free of charge with all good Life Insurance policies. You cannot buy a Terminal Illness policy solely by itself.

But please be aware, Terminal Illness is not the same as Critical Illness Insurance.

The essential difference is that with Critical Illness you do NOT have to be expected to die within 12 months of diagnosis and there are plenty of serious illnesses that fall into that category. For example, blindness, multiple sclerosis and paraplegia. (If you would life to see a typical list of illnesses defined as Critical Illnesses click here and scroll to the bottom of the page displayed: What is Critical illness Insurance?)

Now consider again the fact that 35% of men and 46% of women who develop cancer will survive at least 5 years and that 78% of stroke victims will survive at least a year. If the Doctor believes that the patient will survive more than 12 months, they cannot claim on Terminal Illness cover but there would be a valid claim under Critical Illness cover. We think you will now appreciate the merits of Critical Illness Insurance and the difference between it and Terminal Illness Insurance.

Critical Illness cover can be quite expensive but don’y worry, you can be sure that MoneyQuest will find you the lowest possible premium.

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