Simple basics on Critical Illness insurance
This is an insurance product in which the insurer has to make significant amount of payments just incase the owner of the policy is found with any of the illnesses that is listed within the insurance policy. This could be a surgical procedure. According to the requirements of the policy, the policy holder should have survived some days from the moment the illness was identified. In some cases this period needs to be 14 days while in some cases it can take less.
The policy holder needs to be conversant with some of the terms and conditions that will validate the diagonals of a certain illness. In some cases, some policies would demand that only a certified professional who deals within that category of illness can make the diagnosis. Though this issue has since then been standardized in many markets. In most cases, when verification has been done, the insurance firms will then pay the lump some to the respective health providers. The total cost of the specialist amount will also be included. Some of the illnesses that are usually covered in this category include Alzheimer’s disease, deafness, Hiv/Aids which should have been contracted through blood transfusion, terminal illness, paralysis, kidney failure, deafness among others.
The critical illness insurance cover was introduced with the main intention of giving protection to the victims that have been diagnosed with critical illness insurance. Many people purchase this policy together with the life insurance policy. The funds are usually used for paying off for the treatment costs; replacement of any lost income especially when the victim finally becomes unproductive after the illness, this amount could also pay for any costs that come with change in lifestyle.
This policy remains a protection to the holder of the policy as well as all the dependants. It can really help just incase the policy holder contracts a critical illness or dies. The insurance companies have a well laid structure that will enable them to compensate for the mortgage debt after the contraction of the illness. In some cases, the insurance firm can opt to pay the full amount once the diagnosis has been made, though they will not fund any more after the death of the victim.
Some companies include the critical illness policy as a requirement for their employees. This is a good move that shows care to the working staff, in most cases, people like working for such companies. The insurance company in question can pay the health providers without interrupting with the pocket expenses of the insurance policy holder. In this case, the affected policy holders can choose on where they want to be treated from a wide range of top hospitals. This includes going to other countries for treatment. The large insurance companies have much more to offer including the expenses for the victim and other extra costs for the companion or personal nurses.
The popularity of critical illness policy cover has continued to grow over the recent past. There are many benefits attached to it. There is no guarantee for life, and therefore individuals who have already invested in such policies will not find it hard when the misfortune occurs. It is the fastest and easiest way of saving life. People who have this policy will feel more secure and confident in their place of work and even at home because they have already safeguarded their health. This long term insurance policy is a must for all individuals. The good thing is its tax free. Treating the common critical illnesses like stroke and other heart related complications can be costly when the costs are coming from the pocket. This is therefore an efficient saving plan that will enable you to get the most effective medication whenever you will be diagnosed with the stated illnesses. You will receive maximum attention from the specialists in the top hospitals of your choice without undergoing any extra expenses.