Critical illness insurance is an
insurance policy or agreement between the policyholder and the insurance
company. This insurance plan, called major medical plan, is to provide a lump
sum cash payment and to protect the policyholder when policyholder is diagnosed
with one of the critical illnesses occurred in both inside or outside of the
hospital. If you have critical illness insurance, you can have right to get
coverage fully or partially depending on the conditions and rules of it. For examples,
conditions could include cancer, stroke, heart attack and long-term
hospitalization.
Some restrictions to make coverage
for policyholder are unique. But several reasons behind not to get coverage are
surviving 30 days after diagnosis, any critical diagnosis within the first 90
days, and pre-existing conditions.
Critical illness insurance policy has lower premiums for a healthier
person but basic medical costs are not covered; if you aren’t a healthier
person, you may have higher premiums to pay.
Why need it:
It is worth saying that critical
illnesses can cause a financial devastation to thousands of individuals and
families. This type of insurance plan is created to provide cash at a time it
is needed most. So, critical illness insurance can be a very important thing
that can protect your illness. If you don’t have this insurance policy, you
have to pay for medical treatments in the event of your critical illness. If
you are thinking the reason of taking out critical illness cover is to pay for
private treatment, you can consider choosing for private medical insurance.
Though a critical illness payout has no limitations on how you can practice it,
it could be very useful to make pay your mortgage, or can allow you to go
part-time, and generally ease your family finances.
The cash you can receive:
If you can prove your critical
illness to the insurance company, you can get the cash payments ranging from $
10, 0000 to as much as $1 million depending on conditions of its policy.
Keep the above idea into
consideration you can choose your desired critical illness insurance by
following good advisers or specialists of it.
