Critical illness insurance offers protection to a person diagnosed with a life threatening disease.
Critical illness cover is offered to people who have been diagnosed with a critical illness including cancer, heart attack among others, which have been defined in the policy document. The policy offers to pay either a lump sum amount (tax free) or a regular income to the insured who has been unable to work or earn a salary due to critical illness. In the United Kingdom, depending upon the premiums that are paid by the insured, the policy would pay out a lump sum amount of cash. Elsewhere, the insurance policy would pay a monthly amount as in salary for a specific period of time.
Critical illness cover is a type of income protection wherein the lump sum amount paid by the insurance company can be used for any purpose the insured person wants. The amount can be used to pay medical bills, utility bills, mortgages, treatment expenses, home renovation expenses or any kind of expenses that can help ease off the pressure off the insured. Critical illness insurance is however slightly different from income protection insurance which only covers the repayment of debts including loans, mortgages or credit cards over a specific period of time. Also, the income protection cover offers to pay the insured monthly payments up to usually 12 months, while the critical illness insurance generally payout a lump sum amount.
Critical illness cover is offered by many insurance companies each having their own list of illnesses or conditions covered. Generally, most of the companies have cancer, heart attack, transplant surgeries, stroke, deafness, kidney failure, multiple sclerosis to name a few, which are covered within their policies. However, it is better to check with individual company about their covered conditions and other terms and conditions.
There is no doubt that critical illness insurance provides a number of benefits when a person needs surgery, post surgical treatment or aftercare. Apart from providing insurance cover for all such big expenses the critical insurance policy also protects the family of the deceased by providing financial support.
There are a large number of companies offering critical illness cover to customers. To stay in the competition, all of them offer competitive and affordable premium rates that are suitable to every budget. The best way for a policy seeker would be to search around a wide array of insurers and find the perfect policy that best suits the individual requirements.
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