A vital illness insurance policy is an insurance product wherein the policyholder is provider a lump sum of money defined in the contract under certain circumstance in which the person is diagnosed with a critical illness which is also clearly stated in the policy. In certain cases, the policy could be made up in such a way that it ensures a normal monthly payment to the policyholder. Certain surgical procedures are also considered under this coverage.
Life Insurance policies are offering Critical Illness riders which will pay anywhere from $5, 000 to $100, 000 upon first diagnosis of a critical illness. Some of these life insurance riders will pay you this particular benefit up to 3 times over the phrase of the life insurance policy.
It is usually less expensive to get a critical illness rider on a life insurance coverage term policy that if you purchase a critical illness stand alone policy. If you buy the particular rider, you also will get the additional death benefit on a life policy in additional to a tax free of charge benefit to your beneficiaries.
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Some insurance plan may state that the policyholder is required to be alive for a minimum time period after the diagnosis of the illness before the insurance payments will be made. This period is recognized as the survival period. Though this era varies form company to company, in most cases, it is fixed from 28 to thirty days.
The critical illness insurance can also be known as the crisis cash, living assurance or the serious illness insurance.
The primary illnesses for which this insurance provides coverage may differ from one insurance company to a different. But 4 main illnesses that are covered under this policy were defined in 1983 and they are namely coronary artery by-pass surgery, cancer, heart attack and stroke. Eventually, a number of other health conditions were added to this description such as the Alzheimer’s disease, kidney failing, major organ transplant, blindness, multiple sclerosis, deafness, Parkinson’s disease, paralysis of limbs, terminal illness, HIV or Aids contacted through blood transfusion etc .
The number of diseases or illnesses that are covered under the vital illness insurance is constantly changing as well as the amount of insurance policy being provided to get a particular disease may change from occasionally, depending upon the number of diagnosis being produced and the treatment available for the disease. Which means that coverage for diseases that seemed important years ago may not be that much sought after today and illnesses that are protected today might not need that much insurance coverage tomorrow. It is expected that diseases such as rheumatoid arthritis and diabetes may enjoy greater insurance coverage in the future.
Requirement For Critical Illness Insurance
The critical illness insurance was initially offered because of the requirement of safeguarding the financial situations of people who are unfortunately struck by illness that were deemed critical right after treatment or diagnosis was produced.
The finances received from the payment of the insurance can be used for paying off treatment bills and costs, utilized as aid for recuperation, pay back of debts, make up for lost earnings incurred due to inability to generate following the illness, or even to help replace the lifestyle of the person once the disease diagnosis has been made.