subject: How To Escape From Critical Situations [print this page] It is designed to ease up your financial pressures by paying tax free Lumpsum payment; if you become sick or disabled. The policy will pay you, if and only if, you survive for 30 days, after becoming critically ill.
What it covers
Critical illness cover is also called dread disease cover, which protects you from a wide range of diseases. The range of diseases has enhanced to 30, though it may differ from company to company.
Critical illness insurance covers 7 core diseases like cancer, coronary disease, heart attack, kidney failure, organ transplant, multiple sclerosis and stroke.
Some critical illness insurance policies also pay you, if you have become permanently disabled because of blindness or as a result of an injury.
Things you need to check
Heres your roadmap for nirvana. Check out the following pointers.
Before choosing any critical illness policy, read the small print to understand what you are buying. Make sure you understand exactly what is covered in your policy.
You need a critical illness plan that pays you; if you cant follow your occupation, not any occupation.
The other major point to take into consideration is whether the premium is fixed or can be enhanced by the insurance companies. If the premium is fixed, you dont need to pay higher amount, but unfortunately insurers are backing out. If you are able to search out for a policy that pays guaranteed premium, it may be worth taking out.
Before obtaining critical illness quote dont forget to research the market.
If you have children, seek for a policy that covers your children too. A growing number of insurers cover children under their standard policy.
Ask for key features document that provides you intricacies about the policy. For instance, what policy is covered and what is excluded, etc. You can use this document to compare critical illness quotes from different companies.
Buying Critical Illness cover
Critical illness cover comes with riders like child life policy or mortgage policy. When buyers take mortgage, the lender will try to sell critical illness cover or life insurance or income protection.
But remember following points
The insurance policy is not best of what is on offer.
The insurance policy may not be competitively priced
Hence, it would be better; if you try to find policy yourself. You can buy a policy from insurance brokers available online or over the phone, they can search for the policy and provide you a quote.
This method will not attract upfront fees, but if you are using services of a broker, they will charge you commission.
The next line of fire can be discount broker, in this you need to pay a fixed fee that works out to be a cheaper alternative.
The potential disadvantage of discount broker is they wont give to the advice, as to which policy is the best for your requirements.
