It is important to know critical illness definition before getting one to make sure that they know what they are getting and they are assured that they would benefit from it. The critical illness insurance has been existing for some years now starting in 1983 but was under a different name also known as dread disease insurance. There are plenty of insurance policies that people will encounter from agencies and companies. These insurance cover everything. It can accommodate pets, assets, health, and even parts of the body. Because of the wide range of insurance policies that people will encounter, it might be difficult for them to choose one, as they might be confused as to what is the best coverage for their situation. The best way to start is to research on different policies and look for one that would fit their needs and situation.
Even though the critical illness coverage has existed for some years now, not many people are knowledgeable about it because they do not know the critical illness definition. The critical illness coverage allows people diagnosed with life threatening ailment or permanent disability to live comfortably by paying a tax-free lump sum of money. It is up to the patient on how he or she is going to use the money. He or she could use it to pay remaining bills, mortgage fees, treatment, nursing home, and even for a rehabilitation center. These payments will be difficult without the critical illness coverage since people are too ill to continue working therefore, they do not have a source of income. However, it does not mean that any ailment is covered by the critical illness policy. It still depends on the company on what illnesses and injuries would they include. It is common for self inflicted ailments or injuries to be excluded from the coverage. These include misuse of drugs, injuries caused by criminal acts or self-harm.
By knowing the critical illness definition, people will know if it would be practical for them to get the insurance based on their medical history. There is no need for them to buy policies that include ailments that do not have a high probability of affecting them such as anthrax. Between anthrax and a heart ailment, it is more possible for the client to suffer from heart attacks rather than the former so it is best for them to get a policy that covers heart conditions. In the past, when the critical illness coverage was conceived, only four main categories of major illness are permitted to be covered. These are stroke, cancer, coronary artery by pass surgery, and heart attack. Today, there are seven mandatory illnesses included in each policy which includes major organ transplant, kidney failure, multiple sclerosis plus the earlier mentioned ailments included in the policy ever since 1983. The coverage does not end with the seven categories, people can encounter companies that cover numerous illnesses in their policy. Based on the critical illness definition the largest list of known ailments under the policy goes to PruProtect with 161 illnesses covered, Friends Life with about 46 ailments included, and Aviva with 26 illnesses listed.
It is up to the customer to choose the company, which provides the list of medical conditions that they think they would most probably acquire in the future. The best indicator would be the family’s medical history. If there is a history of cancer in the family, then it is best for the customer to get one that insures cancer. Another thing they should remember is that the policy would work after a survival time indicated by the company. The payment can only be received after the 28 to 30 day survival time of the patient after diagnosis. For permanent disabilities, for example, people can only get their payment after six months or more. In buying a critical illness insurance, people should pay close attention to the coverage of the policy and compare it with other companies to get the best deals.
For example, based on the critical illness definition of some companies, they cover Alzheimer’s disease as it results in permanent incapacitation of the patient. Of course, before a patient qualifies for a payment under the company’s policy, he or she should pass the requirements or parameters set by the critical illness coverage. Companies usually ask for a formal and official diagnosis of a licensed and reputable Psychiatrist, Neurologist or Geriatrician. Besides the diagnosis, the patient should also have the inability to reason with himself or other people, remember things and other information necessary for him or her to live a normal life, and understand anything that would be needed for him or her to function well in society. Surgeries are also covered for some policies in Alzheimer’s disease but the placement of stents or endovascular surgeries are usually not included.
As stated earlier, companies have different critical illness definition for their coverage. However, there is a common definition that the industry implements. Major cancers are included in this common definition provided that a registered oncologist or pathologist has confirmed the presence of malignant and invasive cells in the body. Unfortunately, not all cancers are included since non-invasive and pre-malignant diagnosis are both excluded as well as skin cancer, prostate cancer, and tumors caused by HIV infection. For heart attacks, patients should have exhibited the four criteria specified by the common definition such as a proof of infarction, which can be seen in an electrocardiogram, left ventricular ejection fraction, chest pain, elevation of cardiac enzyme CK-MB as well as Troponin (T or I). The common critical illness definition coverage for Stroke should include a diagnosis from a neurologist indicating a permanent neurological damage after six weeks. Companies also ask for any physical evidence in the form of an imaging, which will confirm the diagnosis.
Besides the above-mentioned sickness, people can also get the benefits from a critical illness policy if they have lost the ability to exist independently. This means that they cannot function well with their daily activities because of the effects or permanent damage caused by an illness or an injury. According to the common critical illness definition, the policy allows coverage for people who cannot do at least three activities from the six activities stated. The six activities include bathing, eating, dressing, moving, using the toilet, and transferring. A person who cannot bathe himself or herself as well as move towards or away from the shower is considered unable to perform this task. Patients who cannot eat without the aid of other people or a feeding tube are also covered by the policy. Those that cannot put on clothes, fasten, and take them off are also included as well as people who cannot move from one position or place to another whether it is from reclining to sitting or from the bedroom to the living room. Lastly, patients who have problems controlling their bowel movements and urination will also need assistance through the critical illness policy. Again, only those patients that exhibit difficulties in performing at least three out of the six daily activities will be eligible for the policy benefits.
Upon knowing the critical illness definition, it is up to the clients if they would go through this type of insurance or if they would opt for other policies that might be more beneficial for them. There are plenty of alternatives that people could choose to maximize the benefits for themselves. For example, there are insurance policies that pay the hospital directly in behalf of the patients so that they would not wait for the reimbursement or the money from the agency. They could get their treatment immediately without worrying about their finances as the hospital bills and any fees incurred because of the treatment will be paid by the company. Some companies choose the hospital for their policyholders so the patients are required to visit a specific hospital as their insurance would only be recognized there. Other options even offer policyholders a chance to visit hospitals abroad to get their treatment. The insurance will pay for the accommodation and travel fees as well as all the treatments that they would need.
After knowing the critical illness definition and choosing an insurance plan, clients will have to undergo an assessment risk. The assessment risk is conducted by all companies before they accept the application of a client. It is done through an underwriting where they get information about the client’s medical history, age, gender, smoking status, alcohol consumption, and body mass index. These are the common details asked by a professional underwriter for any health insurance applications. Information about the client’s medical history, smoking status, alcohol consumption, and body mass index are important specifically for critical illness insurance policies. Comparing critical illness premiums is highly recommended for people to know the best coverage that would be fit for them. There are internet portals that offer comparisons for critical illness covers from different leading insurance providers. The critical illness insurance policy is not cheap so people should make sure that they are getting one that would fit their needs in the future. It is also safer to approach an insurance company or agency rather than accepting offers from independent providers especially if they are getting a mortgage loan for their house. Some people provide insurance policies on top of the loans asked from their office, which may cost higher.