Critical illness cover can be searched for and compared online and if you allow a specialist insurance broker to search around on your behalf then you can get the best deal for your circumstances. A broker will be able to secure you several quotes which you are then able to take your time to go over and compare.
Critical illness protection is taken out to ensure that if the policyholder became a victim of a critical illness that causes them to become seriously ill or disabled totally they would receive a lump sum payout. This money would go a long way towards providing the policyholder and their family with financial security at a time when they need it the most. The money gained from the protection would help to pay the bills that came into home and can be used for anything you wish. In short it would take additional stress away from an already stressful situation.
Critical illness cover would usually cover around 30 different illnesses although you would have to check the terms and conditions of the cover to know exactly what was and was not covered in the policy. Any quote you are given through a specialist broker should come with the key facts document and checking this will tell you of any exclusions.
The majority of protection against critical illness would cover what are known as core illnesses. These should include cancer, heart attack, coronary artery bypass, failure of the kidneys and organ transplant. However there are always exclusions to these so do check before taking cover out.
You can usually choose the term of the policy you need, for instance you could take out cover to coincide with your mortgage or you can just keep paying the premiums for as long as you want. After you have taken out critical life insurance you would usually have to wait for a period of time before you can claim and usually this will be around 3 months. However again it could differ with providers so checking the terms is essential.
The cost of insurance will vary widely depending on what the policy includes. When comparing the cost of insurance you therefore have to ensure that you are comparing like for like. This means that the policy covers the same illnesses. Some protection might just include a few illnesses while others will include anything and everything. Your present health and your family history will also be taken into account, if you are in good health and your weight for your height falls within the specified range then you could get cheaper premiums. The younger you are when you take on the insurance the cheaper the premiums will be also.
Critical illness cover does need to be given a lot of thought. The advancements in medicine and treatments today means that more and more people are living longer with a critical illness than they once were. The money from the policy would come in extremely handy in allowing you to keep up with your outgoings which could include mortgage and loan repayments along with day to day living costs.
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