There are many types of insurance policies, and many of them are so obscure that most people have never even heard of them. One such instance may be critical illness insurance. Most people assume that plain old health insurance would be enough to cover critical illnesses, but sometimes that it not the case at all.
Critical illness insurance can be seen as a kind of safe play, in
combination with regular, traditional health insurance. It will cover excess
costs that may come along with the acquisition of critical illness of some
sort. A critical illness can be a very expensive disease, as around the clock
medical care is usually involved, as well as intensive treatment. Therefore,
regular health care may not cover all your expenses. There are many things to
consider when thinking whether or not to invest in critical illness insurance
and here are few of them.
What
is critical illness insurance?
In
most ways, it is just like any other insurance policy: you pay lump sum of
money, and the insurance company gives you the policy in exchange. It is
typically taken out by someone who already has critical illness, and most
policies require that the person has to live for a certain period of time, in
order to get the pay out of the insurance policy. 28 and 30 days are the most
common minimum requirements for critical illness insurance, although it can
vary from country to country. Critical illness must be validated by a
specialist before being allowed by the insurance firm.
Here
is a list of the most common critical illnesses that people take out when
getting critical illness insurance policy:
● Alzheimer’s disease
● Blindness
● Deafness
● Kidney Failure
● Organ Transplants
● Multiple Sclerosis
● HIV/ AIDS
● Parkinson’s disease
● Paralysis
● Terminal Illness
Why you would need critical insurance coverage
There
are many reasons why a person would consider taking out a critical insurance
policy, but the most common are the following:
● Cover
the cost of the medical care/ surgery
● Pay
for recuperation aides and personal nurses
● Replace
any income that may have been lost at a job due to illness in question
● Help
pay for lifestyle changes as a result of critical illness.
There
are many forms of critical illness insurance, so it’s important to find the
right one. You will want to assess the real risk associated with illness.
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