Critical illness insurance http://critical-illness.themovechannel.com/guides/ is also referred to as "dread disease" coverage throughout the United Kingdom. It is mainly due to medical advances in recent decades that critical illness insurance has grown in popularity and frequency. This type of coverage is unlike any other because those individuals covered by this type of insurance receive a tax-free lump sum payment at the time of confirmed diagnosis of any one of the diseases that the particular plan covers. This differs from traditional life insurance and disability insurance since you either have to die or be unable to work due to the illness or injury to receive payment.
In most cases, once you are diagnosed with an illness that is outlined in the insurance policy you will receive payment. Unlike other types of insurance, you do not need to meet a requirement for special medical treatment, lost wages, or the inability to work. You will, however need to meet a few stipulations such as surviving at least twenty-eight days after the initial diagnosis in order for the payment to be processed.
If you are thinking about purchasing a critical illness insurance
http://en.wikipedia.org/wiki/Critical_illness_insurance policy, you will need to consider certain factors before signing the dotted line. For example, you should think about how much money you might need if you did become seriously ill, and for what period of time? You will also need to think about the likelihood of diagnosis of the accepted diseases commonly covered by such policies. The most frequently covered diseases on critical illness insurance policies include multiple sclerosis, kidney or liver failure that leads to a transplant, cancer, heart attack, stroke, and paralysis. It is important to note that HIV and AIDS are almost never covered by such policies.
When you apply for a critical illness insurance policy, the company will decide if you are an acceptable risk and determine that status based on the information you provide on the proposal form. You will need to provide the company with such information including whether or not you are a smoker, your current state of health, and your family medical history. Other factors that will be reviewed are your sex, your age, and your occupation. All factors will determine the premiums you will be required to pay to maintain the policy.
Many people find critical illness insurance to be beneficial because it can help provide financial assistance to their loved ones during a very difficult time. With the diagnosis of many serious illnesses covered by such policies comes the inability to work or make an income. The lump-sum payment can help pay off mortgage loans, career changes more conducive to the illness, adapting a home to be wheelchair accessible, or to take a holiday to recover from surgery or long-term treatment.
There are many websites available that can help consumers compare the benefits, plans, and costs of different critical illness insurance plans throughout the United Kingdom. Before signing up for any policy, it is always best to do a little comparison shopping to ensure that you are getting the best plan for you or your loved ones.