Introduction to Health Insurance

Since an accident or illness can cause major long-term financial problems, health insurance is very important and considered to be vital for some people. Health insurance is commonly taken out to cover the cost of any private medical treatment for health conditions you may endure in the future - these conditions can vary from a broken bone to a heart attack.

However, there are various other forms of Health-related Insurance plans which are available:

These include:

  • Critical Illness*
  • Income Protection**

Knowing that your regular monthly outgoings and any other financial commitments can be met is essential to most people, especially through a difficult time in your life i.e. if you were to have a major illness or injury.

Alike with any other insurance, the coverage, limitations and exclusions vary depending on the type of plan and the provider. To fully understand the policy and all these factors, you would be given a policy booklet to read in depth. Premiums are typically paid monthly or annually.

*Critical Illness
Critical illness policies have no cash in value at any point throughout the term of the policy and will cease at the end of your policy term. If premiums are not paid, the plan will lapse, and you will not be covered.

Each product provider has different definitions of a critical illness, a key features and policy document that details what critical illnesses they cover will be provided if you go ahead with the plan.


**Income Protection
Income protection policies that don't have an investment link have no cash in value at any point throughout the term of the policy and will cease at the end of the policy term. If premiums are not paid, the plan will lapse, and you will not be covered.