Critical illness insurance is designed to help individuals with the cost of paying for critical illness. Most policies usually provide a one-time payment while some might offer extra coverage or offer a series of payments that acts as the income for the patient. A lot of insurance companies offer critical illness insurance which is also referred to as critical illness cover. People might negotiate a bulk or even a discounted rate to purchase several insurance policies at the same time.
Even though consumers have to carefully look at every policy to find out the kind of diagnosis they cover, several policies will cover heart attacks, stroke, cancer, organ failure, bypass surgery and Parkinson’s as well as Alzheimer’s diseases. A few policies might cover loss of hearing or vision and other debilitating events. As well, consumers have to find out what proof of the illness is required by the policy. For instance, a number of policies might need a consumer to obtain another doctor’s opinion of a diagnosis in order to pay the benefit amount.
Critical illness insurance help people pay for financial expenses which accompany major sicknesses. In addition to prescriptions and recovery treatment, there are extra bills which individuals should pay so as to live comfortable with their family, including rent, paying housekeepers, car, groceries, other insurance bills and even having meals delivered when he or she is sick. The cash can also be utilized to make mortgage payments. By being provided with a lump of cash, people are aided to deal with these financial requirements. Most of these expenses are not covered by the health insurance.
Also, most people use this type of insurance cover as a replacement of the income of the spouse when he/she remain home to take care of the sick person. These benefits help families to a great extent who would have suffered financially just because their bread winner is suffering from a critical illness.
If you need to get critical illness cover then we recommend going to Life Insurance where you will be able to not just apply for the cover you need, but also compare different types of cover to suit your needs.