What is Critical Illness Cover?

what is critical illness cover
To put simply, critical illness cover is a form of insurance that an individual will take out with any health insurance provider. It can protect them financially from the burdens caused through the process of being diagnosed with a serious or life threatening illness.

As we are only too aware, serious illness or disease can strike at any time, therefore there are many around the globe that will protect them through some form of health insurance like this. The financial payout they will receive once diagnosed will be tax free and is used more times than most, to take care of dependants and loved ones who relied on the policy holder.

The value of the money that gets paid to the policy holder is down to the agreed monthly premium arranged by both the individual and the insurance company, obviously the higher the monthly premium the bigger the payout shall be.

As mentioned, the critical illness cover payout is sent to the individual once they have been professionally diagnosed with a serious or life threatening disease. The disease or illness will have to be specific to the cover of the policy. If you find yourself in an unfortunate situation where you are diagnosed and your illness is not included in the cover, you will not receive any financial lump sum.

You will find however that most critical insurance cover policies will protect you from a core group of illness. Usually this can be viewed in a list form from the insurance company and will contain things such as heart attacks, cancer, kidney problems, strokes etc. These will often always payout but it is important to clear this up with whatever company you decide to go with before you sign any agreements.

If you make a successful claim, you will find that there is a long waiting period of around a month to two months. This is natural and is all a part of the legal process of the claim.

The Process of Applying for Critical Illness Cover

The process of application usually involves completing a form provided by the insurance company. This will always ask you personal questions on your health situation, topics such as your medical history will be discussed.

It is always advised that you be honest when filling out these forms, yes it may mean you pay a higher premium but it shall reduce any risk you may have of losing any appeal when you are diagnosed with a problem you were already aware of when filling in the form, yet did not mention to the insurance provider.

To round up there are of course many advantages to having this kind of policy for yourself. It will give you a good piece of mind and shall protect you and your loved ones in case of any emergency, heaven forbid you be diagnosed with an illness and your family is left to fend for themselves.

This is why many individuals are using critical illness cover to their advantage and are making sure that their futures are as safe as can be. If you are considering applying for this then get in touch with your local health insurance company.

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