How Important Is Critical Illness Cover?

How Important Is Critical Illness Cover?

As much as possible, people do not want to talk about life insurance because sickness, accidents and death are associated with it. Nobody wishes to get sick or be dead, right? But don’t you think that it is a necessity? Well, I think it is. For instance, if you get sick with a serious disease, you will be drained physically, mentally, psychologically and even financially. This is usually the case and this is what life insurance with critical illness cover would like to address.

What most people have in mind is that their families will be fine after they die. You might also have that kind of thinking, but what about if you get terribly sick? How will your family deal with the situation? Being so sick is not the same as being dead. If you don’t want to give your family a very heavy burden, then you have the option to get an insurance plan that covers critical illnesses. This type of insurance shall give your dependents or beneficiaries a certain amount in case you get really sick or die.

There are numerous life insurance nowadays having different coverage and plans, and this is what you need to look into. The coverage of life insurances will depend on the plan that you will avail. If you want to incorporate the critical illness coverage into your insurance, you will have to pay monthly equal installments. In the event that you get sick within the policy period, your beneficiaries will be given the lump sum amount that was agreed upon.

Policy rates will depend on the age of the availing party. For instance, a 50-year old policy holder will pay a bigger premium as compared to a 25-year old because it is assumed that he is closer to death. However, the premium does not only depend on the age of the policy holder. It also is dependent on the kind of job that he has and his current health condition.

Most insurance companies offer payouts to policy holders who were found to have a serious illness even if they still haven’t availed of the critical illness coverage, but this will also mean an additional cost on their premiums. When we say critical illness, it refers to having a severe health condition, such as cancer, heart ailments and strokes. It, likewise, may refer to curable sicknesses.

When availing of a life insurance with critical illness cover, it is good to look closely on the terms of your policy. Know how the insurance company pay its policy holders and the limitations of your coverage. Some beneficiaries or policy holders only get to know of the limitations of their insurance plan when already claiming benefits, which is quite frustrating. It pays to read your policy in order for you to know what to expect just in case something happens to you.

It is also important that you tell your insurance agent of your medical history when applying for a life insurance with critical illness cover. Well, that is usually the job of the agent to ask you that. The insurance company also need to know of your current medical condition. If you are experiencing some kind of an illness before applying for a critical illness coverage, your application will likely be disapproved, or it will just be noted in your application that your coverage is limited to the illnesses that you might get after the date of the approval of your policy.

Having a life insurance with critical illness coverage can lessen the burden of your family or beneficiaries if ever you get seriously sick or die. You will not worry that much about your loved ones because you know that they will be given a good sum of money and a good future.

For more information on critical illness cover please visit:

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