standalone benefit
In the past, severe illness cover terminated at age 65. However, most insurers now provide you with the option to select whole-of-life cover which means that your benefit continues for as long as you are alive and paying your premiums
You will not be taxed on your severe illness payout. All payments made to you from your policy will be tax-free.
When it comes to determining the most appropriate quantum of cover, it is advisable to view the benefit in relation to the other healthcare-related benefits that you have in place, such as medical aid, gap cover, income protection, and capital
When you take out your cover, you can choose a premium pattern that suits your needs. Most insurers offer level premiums, compulsory premiums, and age-rated premiums, all of which serve a different purpose depending on your specific needs.
