Finding the best critical illness cover for the future is important, as it would aid people during their old age especially if they were diagnosed with a sickness or injury that would lead to permanent disability or deemed as unfit to work. Because the main source of income is taken away from people suffering from an illness, the critical illness insurance helps them get on with their lives either by paying the bills, debts, hospitalization, treatment or anything that would make the policyholder’s living conditions more comfortable until he or she recovers or passes away. Unlike with other insurance policies, it is up to the policyholder where he or she would use the payment given to him or her. The lump sum provided is tax-free and it is aimed to lift the financial pressures on the patient so he or she could concentrate on recovering. Besides the critical illness cover, people can also try the income protection insurance. Just like with the critical illness policy, policyholders will get a lump sum money as their income since they will not be able to earn one because of their current circumstance. The payment is also tax-free but the difference is illnesses that are not considered critical will still be covered in the income protection insurance policy.
The best critical illness cover offers coverage on different illnesses whether it is basic or comprehensive. Most covers include the three main categories such as cancer, stroke, and heart attack. Basic critical illness coverage includes four others such as kidney failure, multiple sclerosis, major organ transplant, and coronary bypass surgery. If people want to have a more extensive coverage than the seven categories stated, they could choose the comprehensive insurance policies. Comprehensive plans differ from one agency to another, as they will have specific guidelines as to which is included or not. Cancer for example is not included completely. Types of cancer, which are not deemed risky such as non-malignant or invasive tumors, are excluded in the plan. Because of the limitations most critical illness policies offer, some people doubt its importance as they could just choose to get the income protection insurance which covers ailments such as back pain should people lose their ability to work because of the pain.
In searching for the best critical illness cover, people should realize that most agencies and insurance providers nowadays offer an extensive range of illnesses in their cover, which sometimes include deafness, blindness, and paralysis. To find the best one for an applicant, it is highly recommended for them to read the fact sheet carefully and note what is covered and what is not. It will give them an idea if they would qualify for a claim if they are afflicted with a certain disease since most definitions provided by the insurance providers use medical terminology, which clearly states which sickness and condition are included, and what proof do policyholders need to secure their claim. People should have an agent or a professional consultant with them when choosing the best critical illness cover policy because they will help explain which sickness or injuries are not covered. Some of these include self inflicted injuries, drug abuse, effect of extreme activities whether it is for recreational or work, HIV (although those caused by blood transfusion, work in the hospital or army, and brutal attack are covered), injuries that were caused by joining a rebellion, commotion, or war, and failure to subject themselves to medical treatment upon learning of their possible disease. The list goes on and the basis that people could use is that anything resulting from their irresponsibility and lack of better judgment would be excluded by the insurance coverage.
An individual financial adviser or broker is the best person to approach as they can search for the best policies and recommend the most suitable coverage for people. They can also give their advice regarding the premiums that people will be choosing. People should also know that getting the best critical illness cover early on in life is better as it would be cheaper than most policies taken out during the clients 40′s or 50′s. If the applicant is young then his or her risk for illnesses is still low and he or she does not have to apply for expensive premium rates unlike with older people who are more susceptible to illnesses. In addition, people could not get a claim or policy if they applied after their diagnosis. The critical illness insurance policy only provides to those who applied before the illness or injury was diagnosed. The payment would also not be made immediately as the insurance providers wait for a 28 to 30 day survival time before they would release the claim. But compared to other insurance policies, this survival waiting period is the shortest. Another chance that an applicant might be declined besides the onset of illness during the application is his or her failure to state all information regarding his or her health. Agencies would always ask questions that would determine the coverage that the applicants should get and the premiums they have to pay. Failure to disclose the right answers would be a reason for the insurance provider to decline the application.
As the best critical illness cover differs for all people, the premiums will also be different in each applicant’s case. The premium is the cost that people should pay for their insurance policy covers. The cost would be different depending on the coverage of the insurance, if it is basic or comprehensive, how many illnesses or injuries are included, age of the applicant, and lifestyle, which includes smoking and drinking. Getting a low cost insurance policy might seem ideal but this would mean that the coverage would be limited. Not all sickness or injuries that the applicant might be at risk will be included. Getting a very expensive premium that covers ever sickness or disability known to man is also not recommended as people will be paying for a coverage that accommodates illnesses no matter how exotic it is. Because there is no clear cut on which coverage to get, people can consult their medical history, family history, lifestyle check, and risk calculators available online to see which conditions are highly probable to be contracted in the future.
People can also get the best critical illness cover by choosing the right type of premium to pay. There is the Guaranteed and Reviewable premium that people could choose depending on the term of their policy. People can save more money in the long term plan for the guaranteed premium. This means that the rate for the premium is guaranteed or the agency will not change the fees as it is fixed. Reviewable premiums can get too expensive in the long term plan since the agencies can review the coverage and policy that clients took and decide to increase the fees as they see fit. However, if the coverage is for short term plan only, the reviewable premium is better because it can help save money as compared with the guaranteed. Therefore, before choosing a type of premium, decide first if the policy would be for short term use only or for seven to ten years.
A tip for applicants in finding the best critical illness cover is to get one that has extra benefits. Not in the sense of cheaper rates or added illness cover but an inclusion for family members. Some insurance providers do not provide automatic accommodation for children but there are some policies that include this as part of child related critical illnesses. Getting this type of insurance will not only protect the future of the applicant but also his or her child. It is also more cost-efficient to get the insurance policy with a spouse especially for married couples because it will be more effective rather than buying separate covers. Applicants can also compare quotes or covers to guarantee that they are getting the right one. There are plenty of insurance providers today and each of them offer at least 200 types of insurance policies so applicants might get confused as to which policy or cover they should choose especially if they are doing it for the first time. Online comparisons through tables are rampant in the internet today as most agencies or consultants offer the side by side comparison of each policy to find which is the most beneficial.
Getting the best critical illness cover will help people feel at peace for their future as they know that there would be a form of support should they become incapacitated and unfit to provide for the family. Choosing the policy, coverage, and premium comes next as people should choose an insurance that is within their budget but would still be highly beneficial for them when the time comes. There are plenty of sources in the internet where people can get the best recommendations from professional advisers and past clients. People should only make sure that their cover is suitable for them and not just generic like everyone else.