MISSION STATEMENT:
“With over 15 years experience, ISM Financial Management has built an excellent reputation for providing quality advice and ongoing client care which are of utmost importance to our business.”
Critical illness insurance
Critical illness insurance is an insurance product where the insurer is contracted to make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy.

A lump sum payable on diagnosis of a critical illness would enable you to seek specialised medical treatment, pay off your mortgage or meet your regular liabilities. You can also include cover for your children being diagnosed with a critical illness.

The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for example, having a heart bypass operation.

The policy may require the policyholder to survive a minimum number of days, called the survival period from when the illness was first diagnosed. The survival period used varies from company to company, however, 28 days and 30 days are the most common survival periods used.

The contract terms contain specific rules that define when a diagnosis of a critical illness is considered valid. It may state that the diagnosis need be made by a physician who specialises in that illness or condition, or it may name specific tests that confirm the diagnosis.

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