Do you worry about how your loved ones would cope if you were severely ill or even gone one day? It is an unpleasant thought, but something very crucial to consider. Sure you know there are a number of good close friends and reliable family members that will care for them during their troubled times yet what about financially? What about the costly hospital bills and treatment expense? How do you know for how long you will end up in a critical state?
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These things are to be thought about and precautions could be taken to financially protect your family when they need it the most. Critical illness is a tax free lump sum of money, your family can benefit if you become seriously ill. Critical illness refers to conditions for example cancer, heart attack, critical disease, coronary artery bypass surgery, kidney failing, multiple sclerosis, stroke, major organ transplant and permanent severe injury.
You will have to check with the insurance company what sort of conditions they cover because each critical illness insurance policy is different. Particular medical conditions with policies are not covered. Some of the medical conditions that don’t affect the policy include certain sorts of tumours, angina, non invasive epidermis cancer, lymphoma, Kaposi’s sarcoma, and HIV. A financial boost is necessary during difficult times so it is essential to map out and prepare for the hardships of your life by looking into critical illness insurance plans that will cover your needs. Critical illness cover can be obtained by individuals between your ages of 17 and 70. There are policies that are for a particular time period or you can also sign procedures that are valid for life. A critical disease insurance claim can usually be made only 3 months after the policy has been signed.
A medical examination usually needs to be done before you sign an insurance policy for critical illness. Once the insurers have the assurance that you have a clean bill of health, they will accept you for being covered under a vital illness policy. They also will need to look at your past medical history and family history to determine what medical conditions can be covered. You will have to pay higher premiums if you are a smoker. Drug abuse, suicide, self inflicted injury and criminal behavior will not be covered under your critical illness insurance policy.
The cheapest policy will probably protect only a few medical conditions. The more expensive insurance policies will cover everything from A to Z, so the insurers get the satisfaction associated with charging you high premiums. It is best to stick to an insurance policy that covers a medium range of medical conditions and some important serious conditions. Read all the conditions and terms to fully understand what is covered and what is not. There are policies which can protect children if they need to be hospitalized. If you carry out have children, ensure your family can be covered under the policy you choose. Check the premium trends and make sure they are fixed and will not increase after a few years. Try to search for critical illness insurance plans that offer guaranteed premiums. Obtain the key function document from each of the insurers you are investigating to compare one policy through another and find the one that suits your finances.