You can also add specified illness cover to your insurance. Specified Illness Cover provides a lump sum payment which enables you to take care of yourself and your family if you’re diagnosed with one of 66 conditions which are covered under the policy.
There are two ways you can take out Specified Illness Cover – as Standalone cover or as an Accelerated plan.
Standalone cover means it is taken out as a benefit on its own and is completely independent of any Life Cover you may take out.
Accelerated cover is Life Assurance with a Specified Illness Cover element. Under this cover, the plan ‘accelerates’ the payment of the specified illness benefit on the earlier diagnosis of a condition covered under the plan. If a specified illness payment is made, the life cover amount is reduced accordingly. If no specified illness claim is made, the full sum insured is paid on death.
Indexation is an option whereby your cover will increase at a set rate each year to help counteract the effect of inflation on your sum insured. Our provider’s indexation rates are as follows:
Rate of Increase of Benefits – 3%
Rate of Increase of Premiums – 4%
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