Long term chronic or terminal illness is one of those risks than could afflict us all. It’s really an essential part of health insurance that is often overlooked or not covered, yet if it strikes critical illnesses are the most devastating to you and your family.
With this grim prospect in mind Insurance Blog gets you up to speed on this most essential of modern covers.
Understanding critical illness insurance
Critical illness is, by its very nature, no laughing matter. It might be advisable, therefore, to take critical illness insurance just as seriously.
What is critical illness insurance?
This cover is a form of protection that seeks to provide you with a lump sum payment should you be diagnosed with what is described by the policy as a critical illness.
Such a payment may come in very useful, as one of the consequences arising from a critical illness may be financial disruption to your normal routine. For example, you may not only lose your income (or find it significantly reduced) but at the same time, also find that you’re incurring additional costs for things such as medical aids or home help etc.
The very last thing anyone needs when they’re critically ill, is cause to start worrying about things such as bills and income.
That is why critical illness insurance exists.
What conditions are covered?
You will only be able to know this for sure, by looking at the detail contained within an individual policy or site (one such example may be found at criticalillnessinsurance.com).
As a general principle, a wide range of conditions may be covered including many of the major life-threatening conditions.
Remember though that the conditions covered may vary significantly between policies and providers – it may be advisable to look closely at the conditions covered to ensure that you’re happy that you have the cover you feel you need.
What about existing medical conditions?
Individual insurance providers may have different positions in this respect, however, typically they will exclude pre-existing conditions (or attach special conditions to them).
It is extremely important that any such conditions are openly and explicitly declared at the time you take out your policy or it may prejudice a future claim.
How many times will the policy pay out?
Typically once. This insurance is intended to cover a one-off diagnosis.
There is a form of cover called serious illness insurance that may pay out several times for different multiple conditions when diagnosed. Once again, sites such as criticalillnessinsurance.com may prove to be useful in outlining the differences.
Is such insurance cost-effective?
Both the cover provided and the prices of policies, will vary.
A sensible selection process would involve balancing the two against your requirements, however, in the case of any insurance, it may be difficult to define what cost-effective actually means.
You may sincerely hope that you never need to call upon your critical illness insurance but knowing it is there, may be prove to be priceless for your peace of mind.