Life Insurance With Critical Illness

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Buying Life Insurance When You Have a Critical Illness

Critical illness insurance is a product that can help individuals, and in turn help their families, in case something unexpected happens to them that is deemed to be a serious illness. There is a specific list of critical illnesses which include life threatening cancer, heart attack, deafness, blindness, stroke, kidney failure, paralysis, and organ transplant surgery.
 The insurance policy will pay a lump sum payment based on the face value of the policy to the insured in the occurrence of any of these conditions. There are no employment income or incurred expenses requirements or any other factors that will effect the payment of the benefits to the insured. There are also critical illness policies that will pay a certain percentage to the policy holder in the event of a less serious illness. The illness does not need to make the person disabled in any way for them to get their benefits either.
 Critical illness insurance can be purchased as a rider to either disability income insurance or a life insurance policy, or it may be purchased as it's own policy. There is a catch here though that is quite interesting however. An exception to getting these benefits is the fact that if one dies within 30 days of the critical illness, there are no benefits paid. Another thing to keep in mind about these policies is that normally there is a waiting period after purchasing the policy before it will actually go into effect.
 This coverage is available to both businesses and individuals, and the covered illnesses can also vary depending on the company issuing the policy. For example, the most comprehensive policy covers 154 different illnesses and is issued by the company PruProtect. What is somewhat staggering is the next most comprehensive coverage you can get only covers 38 such illnesses. The least number of illnesses covered appears to now be 26, although when this policy first came into existence there were only four conditions covered; coronary-artery bypass surgery, cancer, stroke, and heart attack.
 It seems as though this type of coverage has come a long way since it was originally introduced in 1983, and there are many UK insurance companies that offer this product today. When purchasing a critical illness insurance policy just remember to know what is covered and what is not, because as you can tell from the information here, there could be a wide range of which illnesses are covered and which are not.

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