I’m saddened to hear of Coxy (the T.V. Builder) sharing his story of terminal cancer. Many of know the friendly and trustworthy face and now he must deal with the hand life has dealt him…terminal cancer.
You can watch his interview here
I don’t know any insurance details about him, but I thought it is a timely reminder to make sure that we have our insurances in order.
Coxy said “there were no warning signs” and I think we need to treat life insurance with urgency and priority, not something that’s an additional cost and we will get around to doing it soon because we’re too busy…take care of it now!
If your health changes, you will not get cover for your condition, and then it’s too late, when you need it you can’t get it, you need to get it BEFORE you need it.
Terminal Illness Payments
In most cases an insurance company will pay your insured amount of Life Insurance if you are diagnosed as being terminal. The differences between insurers will be in how much you get paid, for example;
- Some will pay the whole amount upon diagnoses
- Some will pay 50% up front upon diagnoses
- Some will pay if you are diagnosed that you only have 6 months to live
- Some will pay if you are diagnosed that you only have 12 months to live
A Terminal illness is normally built into your Life Insurance cover and is not normally an additional addon, but in saying that, please check with us about your current policy or your insurer if we have not arranged your cover.
Trauma Cover Payments
Trauma cover is slightly difference because there is no terminal diagnosis required, all you need to do it meet one of the conditions and you are entitled to claim. Payments are slightly different in that this is a different type of cover which you need to purchase additionally.
It does cover you for cancer and about 30 other conditions, but you do not have to be terminal to receive your insured amount.
Information and Disclaimer:
This article is for information purposes only. It does not take into account your individual needs or personal circumstances and so is not intended to be viewed as investment or financial advice. Should you require financial advice you should contact Miles Flower on 021 645 000.