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An Introduction To Critical Illness Cover
Critical illness cover is a type of insurance policy designed to pay out in the event of a serious illness, as specified in the policy. Here is a brief introduction to critical illness cover, and some of the pertinent factors to consider when evaluating this form of insurance.
Critical illness cover provides money to help ease the financial hardship inevitably faced when serious illness severely hampers normal day to day life, and most often, the ability to earn for a significant period. Critical illness cover can include upwards of thirty specified conditions, and the payment is usually a tax free lump sum.
The type of conditions covered, as the name ''critical illness'' suggests, are serious and potentially life threatening events such a heart attack, stroke and cancers. The exact range of illnesses covered by each policy will be different, and therefore it is crucial to examine the detail of the contract when assessing a critical illness cover policy.
A critical illness cover policy will usually pay out on the diagnosis of a U.K. consultant recognised by the policy provider. Many policies will cover ...
... certain types of conditions while excluding other types of the same kind of illness. For example, many include certain forms of cancer, while excluding other specific types of cancer from the policy.
There is commonly a time lag between diagnosis of a qualifying condition and the pay out from the policy, and this waiting period is typically around one to three months. Death from the condition before the end of this period can void the critical illness cover.
It is important when taking out critical illness cover to fully disclose all medical history. Evidence of smoking, for example, can void the policy in the event of contracting lung cancer if the habit was not declared when the policy was taken out. A non-smoker is usually categorised as someone who has not smoked for one year and a day.
While the limitations outlined above are common, some of the health statistics for adults in Britain suggest that this form of insurance should be considered by all with the financial means. It is much more likely to experience critical illness before retirement age than it is to die.
Currently, serious illness such as heart attack or cancer affects one in four women, and one in five men before the age of sixty five. Critical illness cover can help recovery from such illness by providing the funds necessary to support a full period of recuperation, without having to worry about rushing back to work. Lecia Selbo retired from the insurance industry three years ago, and is now studying medicine. Lecia Selbo recommends looking at the policies provided by Legal
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