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Critical Illness

Securing Your Standard of Living

We all know people in our circle of friends and family who have suddenly fallen seriously ill with cancer or had a heart attack. A critical illness? 
That only happens to others, not to me, every one of us thinks. But what if it does happen ? Be honest: is a heart attack something that only happens to managers? Do only older people have strokes? Is cancer only caused by smoking?

Every 4th employee and every 3rd manual worker has to give up their job in their prime. Not only accidents but illnesses such as cancer, kidney failure, MS, brain tumour and many other are the most common reasons for a long-term "break" in a working life.

What happens then to your business, mortgage or rent,your children's education, the leasing payments for your car and everything else which costs money? 

Critical illnesses can result in high costs for therapy, essential conversion of your living quarters, physical rehabilitation and substantial loss of earnings. Have you ever thought about how you would safeguard your standard of living if you suddenly had a critical illness?
A critical illness is a life-threatening condition, which is strictly defined by insurance companies, who provide for the payment of a lump-sum after such an illness has been diagnosed.

Only the best insurers offer cover for over 40 "Dread Diseases". An extra highlight is, children up to the age of 18 are included free of charge on a parent's policy.

Summary of the advantages of a critical illness insurance policy:
  • Assuming you are healthy at the moment, you can have such an insurance regardless of your occupation. This can sometimes mean it is more economical than an occupational disability insurance (Berufsunfähigkeitsversicherung), which grades professions according to risk and which doesn't cover all jobs
  • Non-smokers pay up to 30% less than smokers
  • The insurable diseases are transparently defined in the terms and conditions 
  • Tax free lump sum pay out on diagnosis of one of these diseases
  • Self-employed / freelancers with overheads have access to capital to cover costs of care and treatment, fund a medically necessary change of lifestyle or protect their business
  • Business partners can have a tax deductible Keyperson Insurance on a mutual basis in case one of them falls seriously ill and money is needed to find and pay for a suitable replacement
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Published | 03/02/2012 |