A new critical illness cover worth $20,000 has been introduced by insurance firm BF&M.

The new benefit — a first for the Island — means health policy holders hit by major illnesses like heart attacks, cancer and kidney failure will be eligible for a one-off payment to help cover their costs.

BF&M chief John Wight said that the new coverage — which started yesterday — is free of charge to health insurance clients.

Mr Wight added: “The coverage is based on those illnesses that cause the most concern to people and that can coset the most amount of money.

“Should one of those diseases affect a BF&M insured, they the peace of mind of knowing they can use this $20,000 for whatever purpose they want.”

And he said: “We want our insureds to focus on their health. If a major health catastrophe occurs, people have to look at their costs and how they can pay their mortgages for the next few months if they have to take time off work.

“We are all at risk of being given some bad news and the last thing we want people to worry about is their financial situation.”

The one-off payment applies to a total of 22 conditions including Alzheimer’s Disease, blindness, strokes, loss of limbs, sight and hearing and major organ transplants among others.

Mr Wight said: “It really does cover a broad range of illnesses that people are concerned about.”

He added that the cash, in addition to helping cover living expenses while ill, could also be used to help pay for treatment not covered by existing health insurance or for family travel and accommodation for medical treatment overseas.

For more information, call 295-5666, visit www.bfm.bm or e-mail bfm@bfm.bm.