When you ask for a quote for life insurance, think also about asking for critical illness cover insurance which could also be given at little or no extra cost to yourself. This cover alongside your life insurance would pay you a lump sum if you are told that you have a critical illness by your Doctor. Critical illness cover is normally only allowed along with life assurance cover, this is commonly known as life and critical illness cover .
If you have been told that you have a critical illness and your cover pays out you may want to use the money to help with medical bills or you may need things done to your house to make you cope better with your condition. your payout from your cover would also be tax free. Critical illness may be classed as heart attacks and kidney problems, cancer, strokes etc.
Critical illness cover is different from Income protection. This is when you have not been able to work for a set length of time, i.e.- about six months and it will pay out a monthly amount.
Choosing Critical Illness Cover Insurance
When you have received your quote and have asked about critical illness cover, you have to realise that there are quite a lot of different kinds of critical illness and different policies cover different illness’s. Although all policies cover heart attacks, cancers and strokes you have to make sure that you get a quote for the cover that will grasp all your needs. It is sometimes advisable to speak to an independent adviser before going ahead with the cover
New rules came into force in 2003 that change the conditions that applied to claiming on critical illness policies. These rules mean that all insurers will not cover illnesses such as non invasive skin cancer and suchlike. Also any claims for heart attacks to be successful will need evidence of pains in the chest and changes on the ECG. Angina and other moderate conditions are not covered by critical illness policies.
It is also noted that as well as the insurance companies main list of illnesses there is an other list that includes illnesses that are not serious enough to pay out on. HIV & AIDS are not covered if they have been the result of drug abuse. Minor heart operations and not taking advice from your doctor when recuperating from critical illness could also rule that your claim is null and void.
Critical Illness Cover Insurance For Your Family
Remember that if you have a family, critical illness cover insurance is good sense but if you are a single person it could be more important for you as it could pay off any mortgage that you have left to pay off.
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