Presuming that you’ve taken out either – a critical illness policy, a mortgage protection policy, or an accident protection policy. You have a critical condition, yet it’s not one of the more well-known conditions. For instance, you don’t suffer from cancer, stroke or a heart condition. Would you still be able to claim under your policy?
The answer is, fortunately, a resonating yes! These policies should encompass a clause that will indelibly also cover “total permanent disability”. This could well be the key to making a successful claim. In these cases the amounts of cash can be huge.
Critical Illness Claims Conditions
Critical Illness cover is a category of insurance product wherein the policy holder gets a lump sum cash payment from the insurer, once diagnosed to have any given disease specified in the policy. Unlike full life coverage, it doesn’t require the policy holder to die.
To make sure that the payout is triggered, the policy holder must survive a minimum term to ensure that this is regarded as a survivable illness, for the most part around 28 days. Up to two dozen distinct illnesses are covered by the life cover and critical illness policy and they are all survivable to a greater or lesser degree, however, with advancement of medical technology the possibility of living a full life after diagnosis is expanding.
Critical Illness Claim Is Different to Income Protection Claim-Many people feel that this category of insurance is a necessary requirement for any mortgage protection policy. The reason this is necessary is that if you actually suffer a heart attack, stroke or cancer, to name some conditions, having your mortgage paid off right away can be a big boost to help with the recovery.
While most critical illness policies do pay out a lump sum amount, you can get a few plans that pay out a monthly or annual benefit. In other words it very well may be used as an income replacement policy. Having said that, critical illness insurance is not a replacement for income protection claims insurance as the trigger point for a claim is diagnosis of a critical illness; and income protection policies can pay out if you are simply off work because of sickness and disability which could be considered, much less, as what is required for a critical illness claim.
Summary
Because of the potential cost of the policy, and deteriorating health later in life, taking out a policy in early life offer greater benefits. It spreads the payments longer, subsequently making them lower, and it implies that the insurer is less likely to be stressed about diseases related with old age. There are just small minority who will offer cover to person above pension age. Critical Illness cover is beneficial for your mental peace, and for protection against the unexpected. By adding life cover and critical illness to the policy all options are covered, for a full life after the diagnosis of what can be a relatively minor issue. Or if the worst occurs, there is some financial assistance for those left behind.
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