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Critical illness insurance


Critical illness insurance is special insurance that covers a specific set of severe conditions that one may get during his or her lifetime. The insurance is a great addition or supplement to other types of insurance. It’s a policy that can come in handy and bridge the gap between regular health and medical benefits and certain types of life insurance. In fact, it can even help to take care of some of the expenses that regular insurance coverage demands.

The critical insurance is unique in that it awards the affected person with a lump sum of benefit money that he or she can use for a variety of purposes that are relevant to the condition. The covered person can use those funds for medical bill payments, therapies, medications and the like. The person can also use it to pay for rental expenses and other household expenses.

The insured party pays a premium to the insurance company each month that ensures that he or she maintains coverage by the policy. If a critical illness falls upon the person, then the individual will have to open a claim. To qualify for coverage, the person has to meet three criteria. First, the person will have to suffer from one of the conditions that the insurance company deems as a qualifying condition. Secondly, the person will have to survive such a disease for at least eight days. Thirdly, the caring physician will have to verify that the individual is, indeed, suffering from such a condition. If the person meets those criteria, the insurance company will pay the claim.

Critical illnesses policies cover a variety of serious illnesses. Each insurance company has its own tailored list of the condition claims that it is willing to pay. Examples of some of the situations that the insurance policy may cover are conditions such as heart disease, cancer, kidney failure, paralysis and so on. It’s up to the interested person to conduct research and find a policy that covers conditions that he or she is likely to have had. The goal is never to need the insurance but to feel secure that a protective product is in effect.