UK Critical Illness insurance
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Critical illness insurance is a specialized product designed to protect an individual financially in the instance that the individual contracts one of the covered ailments. Generally paying a lump sum upon a confirmed diagnosis, the money can be used for a diversified set of needs, not as targeted as those associated with major medical coverage. There are, however, a great number of conditions that are not covered, and anyone considering purchasing such a policy is strongly encouraged to study it carefully to be assured that the desired protection is available. Furthermore, it is critical to read any policy under consideration for the procedures used to qualify potential claims Ė this poses a host of pitfalls that can only be avoided by careful attention. Overall, critical illness insurance is a useful product if it is used appropriately and the right policy is selected.
The Mechanics of Critical Illness Coverage
When an individual
purchases a critical illness policy, he or she is contracting to receive a
set amount of money in the event that he is diagnosed with one of the
covered diseases. These tend to include diseases including heart attack,
stroke, or cancer, as well as some of the preventative procedures
associated with these diseases, like coronary artery by-pass surgery.
Other major diseases and conditions including kidney problems, blindness,
and Parkinsonís are also typically covered.
Uses of Money Provided by Coverage
Where major medical insurance may usually only be used to pay medical bills, once a payment is made by a critical illness coverage provider, the funds may be used for nearly anything designed to defray the cost of the illness. This can range from paying medical bills not covered by medical insurance, to retiring debt, to covering lost income. Furthermore, because the payment is typically a lump sum, the insurer requires almost no accounting of how the funds are used.
Potential Pitfalls of Critical Illness Coverage
There are a variety of
pitfalls that must be understood to protect oneself from both unfortunate
circumstances and capricious insurance companies. In many of these
policies, there is a waiting period between diagnosis and payment. The
insured must survive for a minimum period in order to receive the benefits
that have been contracted for, and for which premiums have been paid.
Depending on the specific diagnosis, the period may vary in length, but is
typically around thirty days. It is important to understand, however, the
diagnosis is likely specifically defined by the policy. Confirmation by a
specialist may be required, or confirmation by a specific test may be
necessary. A specific diagnostic criterion may be outdated and no longer
in common use, but without the results of this test, the waiting period
does not begin. While the largest and most reputable carriers try to
update these standards, and make corresponding changes to the coverage of
policyholders, the standards in practice can change very quickly. Knowing
oneís benefits and the specifics needed to receive the protection that has
been paid for is the only complete defense, particularly in a carrier
wishes to be contentious. Search for
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