Terminal illness cover pays out if you’re diagnosed with any type of illness or defined dread disease where the doctor confirms that it will lead to your death within a one-year period.
At OUTsurance, this is usually not available as a standalone cover, but included as an automatic benefit in the life insurance product category under comprehensive death cover. Different to life insurance that pays out a lump sum to your beneficiaries, the terminal illness benefit pays out 50% of your death sum OUTsured up to R1 million. The terminal illness insurance payout will only be actioned once we've confirmed that you are terminally ill and have a life expectancy of less than 12 months.
Speak to one of our life insurance consultants for more information around terminal illness insurance cover. Get a life insurance quote now.
What is a terminal illness?
A terminal illness can be described as a disease or a condition that is not responsive to medical treatment and which will ultimately lead to a person's death. This may include illnesses such as lung disease, neurological diseases, advanced cancer, motor neurone disease, and dementia.
Terminal illness vs critical illness
A critical illness (also referred to as a dread disease) describes a serious illness that will significantly impact your life, compared to a terminal illness that focuses around a type of diagnosis where, based on the opinion of a healthcare professional, a patient may have less than a year to live.
- Critical illness cover (sometimes also referred to as severe illness cover) helps you to provide financially for your family if you're diagnosed with any of the 27 or 40 critical illnesses (depending on the cover option). Typical examples of critical illnesses include: a heart attack, stroke, cancer or coronary artery bypass. Although these conditions may not necessarily be considered terminal, it could have a significant effect on your ability to provide for your family financially.
- Terminal illness insurance (also referred to as terminal disease insurance) is automatically included as part of our comprehensive death cover and allows you to receive up to 50% of your insured amount as a lump sum (upon a terminal illness diagnosis) that you could use to pay for costs such as medical expenses of lifestyle adjustments during this period.
For more information on terminal illness cover, speak to an OUTsurance Life Insurance consultant.
“We understand how important your privacy is and will protect your personal information. By providing your email or mobile phone details you are agreeing that we may contact you regarding this quote. Also note that some advisors work under supervision. This is to ensure that you’ll get nothing but awesome service, all of the time!”