A long-term insurance policy that covers an individual who has a severe illness listed within a policy is known as critical illness cover or critical illness insurance.
When you take out the policy, you will need to mention any underlying medical conditions. This could mean some illnesses being excluded from the cover. If you don’t disclose any underlying medical conditions, this could make the policy void in the event of a claim.
The way this illness policy works is through a one-off payment that provides financial support to pay for your mortgage, medical care or make modifications to your home if needed.
In the circumstance, where you get one of the specific medical conditions or injuries stated within the policy, this is when Critical illness insurance will pay out.
Remember, that not all instances of a specific illness will be covered. Within the policy, it will mention what particular conditions are covered along with defining these in the policy documentation.
Through our experience, we sometimes find that a number of customers mix up critical illness cover with life insurance. Even though they are purchased together, they are entirely different in terms of what they cover.
A number of policies will also consider permanent disabilities that could result from injury or illness and other illnesses that aren’t listed above.
Some illnesses may not be listed in the policy such as more severe forms of cancer and conditions. It’s unlikely that you won’t be covered for health problems you were aware of prior to taking out the insurance. Furthermore, this type of insurance doesn’t payout if you pass away.
The policy details will disclose what’s covered and what isn’t, therefore, you need to be fully aware of these by looking through all documentation to make sure they protect your needs.
The benefit of many insurance products is that they provide you with peace of mind should something go wrong. The links below can provide you with more information on this:
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