The following is based on experiences from our clients.
During her 20s, Melinda had a severe heart condition, resulting in her having open heart surgery and many other treatments that kept her off work.
The recovery stage after these types of surgery is typically quite long and therefore Melinda wasn’t able to work for an extended period of time. Melinda faced a lot of financial insecurity at the time, and this heavily impacted her ability to financially support herself.
Thankfully, Melinda had critical illness cover which served as a safeguard and managed to fully support her through her recovery during her time off work. Had Melinda not had critical illness cover, she have struggled to support herself financially and would’ve had to worry about how she would pay her mortgage and monthly bills, on top of her rehabilitation.
The critical illness cover provided Melinda with a substantial tax-free lump sum which helped her cover her living expenses and any unexpected expenditures she had during this period.
Although there are other alternatives like income protection cover, these typically only provide monthly payments that may not cover all your costs and tend to have specific terms and conditions. With critical illness cover, Melinda had the peace of mind that she would be financially sound and could focus on recovering from her heart surgery. She returned to work 4-months after her operation.