Critical illness insurance

Saturday, July 28, 2012

Critical illness insurance

There are many types of insurance policies, and many of them are so obscure that most people have never even heard of them. One such instance may be critical illness insurance. Most people assume that plain old health insurance would be enough to cover critical illnesses, but sometimes that it not the case at all. 

Critical illness insurance can be seen as a kind of safe play, in combination with regular, traditional health insurance. It will cover excess costs that may come along with the acquisition of critical illness of some sort. A critical illness can be a very expensive disease, as around the clock medical care is usually involved, as well as intensive treatment. Therefore, regular health care may not cover all your expenses. There are many things to consider when thinking whether or not to invest in critical illness insurance and here are few of them.

 What is critical illness insurance?

In most ways, it is just like any other insurance policy: you pay lump sum of money, and the insurance company gives you the policy in exchange. It is typically taken out by someone who already has critical illness, and most policies require that the person has to live for a certain period of time, in order to get the pay out of the insurance policy. 28 and 30 days are the most common minimum requirements for critical illness insurance, although it can vary from country to country. Critical illness must be validated by a specialist before being allowed by the insurance firm. 

 The most common critical illnesses covered by the insurance policy

Here is a list of the most common critical illnesses that people take out when getting critical illness insurance policy:

● Alzheimer’s disease
● Blindness
● Deafness
● Kidney Failure
● Organ Transplants
● Multiple Sclerosis
● Parkinson’s disease
● Paralysis
● Terminal Illness

 As technology and medicines have improved, many former illnesses that were considered critical under the insurance policies are no longer considered as such.

 Why you would need critical insurance coverage

There are many reasons why a person would consider taking out a critical insurance policy, but the most common are the following:

● Cover the cost of the medical care/ surgery
● Pay for recuperation aides and personal nurses
● Replace any income that may have been lost at a job due to illness in question
● Help pay for lifestyle changes as a result of critical illness.

 Things to keep in mind

There are many forms of critical illness insurance, so it’s important to find the right one. You will want to assess the real risk associated with illness.

About the Author:

 Bobby is a freelance writer and contributor for many online publications, blogs and print publications. He usually writes for insurance websites and blogs, answering questions such as: critical illness insurance - is it worth it- among other queries.

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