This article aims to help you decide whether or not adding critical illness cover to your life insurance policy would be a good idea. It is aimed at you having already prior knowledge of this type of insurance and hopefully by the end of the article you will have a better idea and will be able to weight up if this is the right choice for you.
To begin with, everyone who has a life insurance policy will be aware of the fact that their loved ones be on the receiving end of a cash payment if you should unfortunately die. The majority of people who take this kind of policy are the ones who are looking for peace of mind knowing that their relatives will cope financially after they are gone.
This is a huge step for someone to undertake and if you have already got a life insurance policy then you owe it to yourself to give yourself a pat on the back, it is a huge and mature step to take and your loved ones will appreciate it after you have left this world.
With that being said, there are more likely chances that an individual such as yourself suffering or be diagnosed with a critical illness before death. This is down to a number of reasons but more likely due to the incredible progress made in today’s modern medicine in which we can now survive most illness and disease that may have finished us in years gone by.
Knowing this will make you understand that your life insurance will not be able to help you as your loved ones only receive the lump sum after you have passed away. Critical illness cover however will give a payout to those that are officially diagnosed with a serious illness (predefined by yourself and the insurance company).
Again, the benefit to this will be more peace of mind knowing that there will be money available if you were to ever be in a situation where illness meant that you could not work. The money from the critical cover would assist in any lost earnings.
As was mentioned previously, usually the predefined illnesses that are covered in these types of insurance policies are agreed on by both the policy holder and the company issuing the insurance. Most companies will agree to cover you on illnesses and conditions such as heart attack, problematic kidneys, transplant of organs, MS, strokes & cancer.
Those are the standard ones, however you are more than able to cover other conditions, usually this will come at a higher premium for you the policy holder.
I hope now that you understand what critical illness cover can assist you with you are able to decide if it is something that you think would be a good idea to get.
By: Jackie McKenzie
Posts Tagged ‘Insurance Company’
Deciding On Critical Illness Cover Even If You Have Life Insurance
January 30th, 2010Where to Get Instant Online Health Insurance Quotes
January 24th, 2010
In a world where two minutes seems too long to wait for our microwave popcorn to finish popping, we sure don’t want to wait two days, or even two hours to find out if we can save money on health insurance quotes. Fortunately, instant online health insurance quotes are available from insurance comparison websites. So wait no more!
But Are They Accurate?
Are instant insurance quotes as good as the ones you would get by sitting down in your neighborhood insurance agency? Yes, as long as you’re truthful and accurate as you fill out your online application. If you lie about your tobacco use, hide that your hobby is hang gliding, or conceal a pre-existing illness, the insurance company may refuse to pay your claims.
Insurance comparison websites work with many different insurance companies and they do not receive commissions for steering you toward one particular company or plan. So you can be assured that the quotes you receive are impartial and accurate.
What to Look For in an Insurance Comparison Website
Once you decide to try out an insurance comparison website, look for a website that offers these features:
* Insurance companies that are A-rated or better. You will have the guarantee that these companies are financially stable and will be able to pay your claims.
* Online chat options. The best insurance comparison websites feature an online chat service that allows you to talk with insurance experts. That way, if you have any questions or want to know the best ways to lower your premiums, you’ll be able to get answers quickly and easily. (See link below.)
* A variety of policy types. Maybe you aren’t sure whether you want a PPO, and HMO, a full coverage policy, or a Health Savings Plan. Look for a website that will allow you to get quotes for different types of options so you can truly make an informed choice.
By: Brian Stevens
Can You Get Health Insurance with a Medical History In the UK?
January 16th, 2010
If you’re looking for a new credit card, your credit history plays a role in whether or not you’re accepted and what interest rate you pay. Health insurance is no different, though the history that is considered when you apply is the one that your doctor keeps.
Health insurance companies are protecting a risk and, like any insurance company, they try to keep the risk’s they insure as low as possible. So, the better your medical history is, the less likely they are to have to pay out a claim on your policy and the lower your premium will be.
Your medical history may also determine what type of private medical insurance you’ll be eligible to get. If you have diabetes, asthma or another chronic, incurable condition, for instance, most private insurers will exclude coverage for anything related to treatment. Some, taking into account the number of other conditions and illnesses for which those are a risk factor, will refuse to insure you at all. In general, that means that if you know you are ill, or that you’ll require medical treatment in the next six months because of a medical diagnosis, you may have trouble finding private health insurance to cover your needs.
There are many private health insurers who do not require a medical history, or only require a very basic one. In general, their policies will exclude coverage for any condition for which you have been treated in the past five years, or another specified period of time. If you remain free of symptoms and require no treatment for that condition for the specified period of time after you become insured, that condition may become eligible for cover again.
If your prospective insurer does ask for a medical history, you should always be truthful and declare everything you are aware of at the time. Any errors, omissions or outright lies in your application could negate your policy entirely. It’s better to have coverage for unrelated illnesses and conditions than to have no coverage at all.
So, should you bother with private medical insurance if you have a pre-existing chronic condition? Most experts would say yes. The NHS is designed to provide care and treatment for chronic conditions like asthma and diabetes. Your private medical insurance would still provide cover for you for illnesses, injuries and conditions that do not arise from your pre-existing chronic condition. In addition, if you have been treated for an illness in the past five years – ulcers, for instance – and have remained symptom free for five years, most policies will cover treatment for that condition if it recurs.
Interestingly, a number of UK private medical insurance providers do offer chronic conditions cover for UK expatriates. Most continental insurers do not exclude chronic conditions in their policies, and UK companies doing business overseas are beginning to follow suit. If you are seeking medical insurance for a period of time abroad, shop around to find one that will cover all of your needs during your time away.
To find out more about private medical insurance and which UK health insurance companies receive the best customer reviews, visit http://www.uk-insurance-index.co.uk/health-insurance-1.html.
By: Gareth Owen