Exploring The Benefits Of Critical Illness Cover
Critical illness cover is a specific type of insurance that pays out if the policyholder contracts any of the specific health disorders listed on the policy. In some cases, the insured receives a lump sum benefit upon diagnosis or within a specified number of days from that time. Insurance agents can assist consumers in finding a suitable policy.
Medical expenses associated with certain illnesses can put a financial burden on any household budget. Even individuals with medical insurance may suffer extreme financial hardship if they are unable to work due to critical illness cover and are unable to pay household expenditure such as their mortgage and utility bills.
Technological advancements in the medical field help many people survive catastrophic illnesses. Most patients are unable to earn an income during their recovery and rehabilitation. Benefits from this type of insurance can help pay the mortgage, car loan, living expenses, and other bills. Anyone with a family/house should give serious consideration to how they would pay their mortgage etc if they were diagnosed with a critical illness.
Many People incorrectly assume that the state will help them with their household expenditure should they fall ill and be unable to work, the facts are that with the current economic climate, this help is diminishing and individuals really need to consider making their own provisions to maintain their families home and lifestyle.
Covered illnesses may include heart attacks, certain types of cancer, kidney failure, paralysis, blindness, or strokes. The policy may specify coverage for coronary artery surgery, an organ transplant or other listed procedures. Critical Illness policies usually pay out a tax free lump sum if you suffer from one of the listed critical illnesses and meet the definition set out in the policy
Insurers usually pay the cash benefit in a lump sum. Policyholders keep the benefit even if they eventually make a full recovery from the diagnosed medical condition. Some insurance companies offer options other than a lump sum payment to the policyholder. Some insurers offer the option of having the benefit paid as a monthly benefit.
Costs for this type of insurance depend on a variety of factors. Age, gender, and the health status of the applicant will have an effect on how much he or she will pay. Individuals who use tobacco products can expect to pay higher premiums than those who do not. Other health issues that could increase the risk of an applicant contracting a catastrophic illness will result in higher premiums.