A critical illness insurance policy is an insurance product wherein the policyholder is provider a lump sum of money defined within the contract under certain circumstance in which the person is diagnosed with a critical illness which is also clearly stated in the plan. In certain cases, the policy could be made up in such a way that it ensures a normal monthly payment to the policyholder. Certain surgical treatments are also considered under this insurance coverage.
Life Insurance policies are offering Critical Disease riders which will pay anywhere from $5, 000 to $100, 000 upon first diagnosis of a critical illness. Some of these life insurance riders will pay you this particular benefit up to 3 times over the term of the life insurance policy.
It is usually less expensive to get a critical illness rider on a life insurance term policy that if you purchase a crucial illness stand alone policy. If you buy the rider, you also will get the added death benefit on a life policy in additional to a tax free benefit to your beneficiaries.
Some insurance plan may state that the policyholder is needed to be alive for a minimum time period after the diagnosis of the illness before the insurance plan payments will be made. This period is recognized as the survival period.
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Though this period varies form company to company, in most cases, it really is fixed from 28 to thirty days.
The critical illness insurance is also known as the crisis cash, living guarantee or the serious illness insurance.
The main illnesses for which this insurance offers coverage may differ from one insurance company to a different. But 4 main illnesses that are covered under this policy had been defined in 1983 and they are specifically coronary artery by-pass surgery, cancer, heart attack and stroke. Eventually, many other health conditions were added to this definition such as the Alzheimer’s disease, kidney failing, major organ transplant, blindness, several sclerosis, deafness, Parkinson’s disease, paralysis of limbs, terminal illness, HIV or Aids contacted through blood transfusion etc .
The number of diseases or illnesses that are covered under the crucial illness insurance is constantly changing as well as the amount of insurance policy being provided for the particular disease may change from time to time, depending upon the number of diagnosis being made and the treatment available for the disease. Which means that coverage for diseases that appeared important years ago may not be that much popular today and illnesses that are protected today might not need that much insurance coverage tomorrow. It is expected that illnesses such as rheumatoid arthritis and diabetes might enjoy greater insurance coverage in the future.
Requirement of Critical Illness Insurance
The important illness insurance was initially offered because of the requirement of safeguarding the financial problems of people who are unfortunately struck by illness that were deemed critical right after treatment or diagnosis was made.
The finances received from the payment of the insurance can be used for paying off treatment bills and costs, utilized as aid for recuperation, pay back of debts, make up for lost revenue incurred due to inability to generate following the illness, or even to help replace the lifestyle of the person once the disease diagnosis has been made.