Critical illness cover: Read the fine print

INSURANCE protection against critical illness (CI) is one of the major building blocks of a sound financial plan. Whatever your age, a major CI diagnosis is a heavy financial burden unless you have ample financial assets.

The good news is there is a wealth of standalone CI plans in the market with innovative features such as the ability to claim for early, intermediate and late stage CI. You can even make multiple claims in a single policy, and potentially receive a benefit up to 500 or 600 per cent of your sum assured.

This is unlike CI policies of 10 or 20 years ago, which may be available only as riders on a whole life plan, and may also cease once you make a single claim. The caveat is all the fine print you will have to understand to avoid disappointment.