Having general health insurance is usually enough for most people. Especially when you’re young, you might feel so personally healthy that a cheaper, less comprehensive insurance plan may suffice. However, people of all ages can suddenly find themselves diagnosed with very serious conditions like cancer, multiple sclerosis, the loss of a limb, or another condition with long term ramifications. It’s times like these that extra support is needed in order to truly get by without undue financial burden.

This is where critical illness insurance (also known as major illness insurance) helps. Providing a large lump sum payment to you when times are hardest, policyholders will have a lot more freedom to determine how this this money is spent in the event of a critical illness. You can make changes to your home, purchase prosthetics or other medical devices, use the money to supplement lost income from sick or invalids leave, or you can potentially use it for anything that will help you and your loved ones carry on through medical disruption. All of this comes on a plan with a life-long duration, ensuring that you always have some layer of protection against major illnesses.