subject: Critical Illness Insurance - The Basics. Safeguard Yourselves Incase You Get Very Ill [print this page] Critical Illness Insurance - The Basics. Safeguard Yourselves Incase You Get Very Ill
Humans are living longer these days. Nevertheless survival rates are on the rise for several medical conditions, a debilitating ailment and the costs related with loss of income may lead to medical bankruptcy.
Although with unconventional medicine and a health insurance policy on your side, If you are diagnosed with a life-threatening ill health, there is a likeliness that you would not be able to afford the treatments recommended and needed. Critical wellness insurance may accommodate.
Critical illness insurance provides a payment if you experience a critical ill health that is covered under the policy contract. You don't have to be disabled to collect. Unlike disability insurance, you don't have to be employed to receive the benefits.
A critical wellness insurance payment is customarily made in a lump sum and may be used in any event you please - use the money for medical bills, a wheelchair, retrofitting your habitat, your mortgage or other bills, home health care or even a special vacation. Medical conditions that qualify usually include serious injuries, diseases and major surgeries.
Incidentally, if you pay for a policy with multiple categories and you suffer a severe stroke that has the potential to strike again, you might receive 25 percent of the benefit amount, and the remaining 75 percent could cover another condition or areturn of the same condition while the policy is in force.
Critical ill health insurance limits typically run from $10,000 to $1 million. The NACII recommends determining the amount of coverage you need by adding these two amounts:
* Two to three years' worth of your mortgage payments or rent
* The total of your outstanding credit card debt
check out your policy's waiting period, also called the "elimination period," which is the time you have to wait after diagnosis before receiving the insurance payment. For many policies, if you die of the critical ill health during the waiting period (and have no special rider to cover that), no benefits will be paid to you or your estate.
Before buying a policy, understand its exclusions and limitations. Typical exclusions include critical illness that are diagnosed during your policy's waiting period, self-inflicted injury, Suicide or affliction resulting from illegal activity. Other exclusions may include balloon angioplasty surgery, pre-malignant conditions or conditions with malignant potential, and most skin maycers.
If you are purchasing an individual policy, you will most likely have a phone interview from the insurer's underwriting administration, as well as oral fluid, blood and urine tests. If you have a heart condition or family members with a heart condition, you could be required to take a medical examination, EKG, paramedical examination, treadmill electrocardiogram (TEKG) and, if you are a smoker, a chest X-ray.
Critical illness insurance is priced with several factors in mind, Your age, height, weight, family's health history, nicotine use and conditions you have now that could lead to more crucial conditions are gone into.
With individual plans, you pay premiums until the policy pays out the maximum benefit, according to one source. Group policies may end upon termination of employment or may be ported to a group trust, after which you would pay your premium directly to the insurer. In the latter scenario, you would pay until the insurance pays out the principal sum insured.
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