Critical Illness: Insurance Protection for the Cautious

Financial stability during critical illness is possible to attain. Treatment for critical illness may be long drawn and expensive. But with critical illness insurance you can save for the time when you need medical help for a serious illness. You obviously do not like to think that you may suffer from an illness so fierce that it might be financially difficult. But if it does happen are you prepared? Critical illness insurance will help you prepare for such a situation. We are all at risk of falling ill anytime. However, only a few think about getting critical illness in time.

Critical illness insurance is a form of health insurance that saves your money that you pay as premiums to be used if you become seriously ill in future. A critical illness policy intends to pay for:

• Treatment costs
• Recovery aids cost
• Debts (if any)
• Lost income replacement. This loss of income should be due to the inability or decreasing ability to earn
• Change in lifestyle

Anyone can need critical illness coverage. No one can predict when someone will fall sick and will suffer from a serious illness. However, if what you earn prevents you from getting enough disability insurance you should consider getting critical illness insurance.

If you are in a profession that involves high health risks that keeps you from qualifying for the traditional disability insurance, think of getting critical illness protection. Again if you have to pay a high medical deductible or if you do not have health insurance, you may get this critical illness policy to support you financially in future should you suffer from a serious illness.

What a critical illness policy will cover depends on the insuring company that provides protection. A typical insurance policy that covers critical illness usually may include diseases like:

1. Stroke
2. Kidney failure
3. Heart attack
4. Blindness
5. Paralysis
6. Alzheimer's
7. Multiple Sclerosis
8. Blindness
9. Stroke
10. Organ Transplant
11. Deafness
12. Parkinson's disease
13. Paralysis of the limb
14. Terminal illness

With advancement in technology and science there have been several diseases that are no longer considered as critical and similarly there may be many that will be removed from the critical illnesses list in the future. What will finally be covered is dependant on the market need for the coverage, the tough competition between insurance companies as well as what the policy holder believes is his benefit.

Usually the cost for getting critical illness insurance is lower if you are of a younger age. It, however, depends on your age, the amount of coverage, the medical condition that you are in, any financial obligations, dependants as well as the kind of health care that you need. All these will determine what critical illness quotes you will receive.

To get a good critical illness insurance quote you may do some shopping. Remember to consider the above mentioned conditions while you shop for a critical illness insurance policy.

Anyone who hasn't had a history of critical illness before is eligible. However, if you did have a critical illness policy and made a claim already you may not be able to get another one unless you buy additional benefit riders. Smokers are usually considered eligible but have to pay high premiums. Age, gender as well as family's medical history are considered to determine the premium.

If your family has a history of hereditary disease(s), then you could become ineligible for critical illness insurance. People with pre-existing conditions, HIV or those who are overweight may also be rejected. If you have already made a critical insurance claim, your policy will normally terminate. If you need to buy another policy you may have to do so by also buying additional benefits. However, some companies may also exclude the serious medical conditions that have already had.

For some companies a critical illness insurance policy usually terminates by the time you reach 65 to 75 years of age.

You may simply make a claim if you are diagnosed with a serious illness. The best part about critical illness claim is that the critical illness benefits received will be tax free. To begin with the claims procedure, you (or anyone on your behalf) should let your insurance company know that you have been diagnosed with a serious medical condition. The insurance company then sends a claim form where you need to fill in the details of your illness as well as the doctor treating you.

Once the form is filled and sent to the insurance company, the company will now get in touch with your doctor and investigate your claim. If they are confirmed that you have actually suffered from the critical illness that they have covered in their policy, your claim will be paid with immediate effect.

Your insurance company may ask you to furnish medical evidence to support your claim - reports of a medical examination, bills, a doctor's certificate and the like. One in five critical illness claims is turned down as a result of non-disclosure. So, claims forms need to be filled carefully and with a relaxed mind.

A serious illness changes the way you live your life. This is a time when an individual already goes through great emotional stress and if he is not financially prepared it is all the more stressful. According to medical professionals, when people learn about their critical illness they suffer emotionally. You need enough time and finances to recover from a critical illness. If you can be prepared for it then it will do you good. Investing in critical illness insurance can help you prepare for any serious medical condition that may arise in future and that you may have not thought of yet.