Critical Illness Cover: Defense against the Uncertain

2007-03-08 10:33:40

( Pharmeceutical-Medical )



THE INEVITABLE ILLNESS

Sickness is one of those things in life that we cannot absolutely protect ourselves from. No one can be immune from illnesses; everyone can be stricken by it. The most you can do is try to live a clean, healthy and meaningful life.

Being diagnosed with a critical illness can be one of the most emotionally draining experiences one can ever go through. But aside from the emotional toll, it can also exact a high price in terms of you and your loved ones financial situation.

In light of this fact, getting critical illness cover should be included in your list of priorities aside from life and medical insurance. Critical illness cover provides a cash payout in the event that you are diagnosed with a critical illness as defined in your policies terms and conditions. Critical illness cover frees you from the financial worries that your illness can bring, which can aggravate your medical condition and make recovery more difficult.

A SEPARATE OR ADDITIONAL INSURANCE

Critical illness cover can be an additional feature of an existing life insurance, or it can be a separate policy all together. When availing of a critical illness cover, make sure to get a specific list of the illnesses that the insurance will pay for. It should have an exhaustive list that includes various ailments such as kidney illness and respiratory illness among others.

The critical illness cover should also be specific as to how long the coverage is supposed to be in effect. A longer coverage term would generally call for higher premiums than a shorter term, but the former may actually cost less given the benefits that you are getting over time.

However, most critical illness cover lasts only for a specified period, after which you either have to renew, or purchase a new one. In any case, make sure that your cover is updated and upgraded if necessary.


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