First of all, there is a very important fact that can never be ignored, that is 32% of men and 25% of women in the UK are guaranteed to have a critical illness when they are between 40-70 years of age. This fact is ignored by many each claiming that it will never happen to them, but statistics never lie. They provide results backed with real evidences. According to statistics, the possibility of contracting a disease that is life threatening is very high.
People should think of what will happen when they are contracted with an unexpected serious disease. Example, how will you pay monthly mortgage or afford to provide the basic necessities if one is critically ill? This means you will not be able to continue working, therefore, no more income to carter for your daily needs during your recuperation. This calls for an immediate solution in case such happens. Luckily, it exists, that is, life insurance and critical illness cover. It can be obtained from an insurance company that is popular, trustworthy and has a good reputation to work with.
Critical Illness Cover
This is an insurance product that was made to assist individuals reduce their financial burden during the time of any serious disease. It helps individuals by paying them a huge amount of money to compensate for the time you are not able to work. An example, when one is diagnosed with skin cancer. It means your condition is very severe, therefore, recuperation will take time. With such a condition, you may decide to purchase an illness policy to cover one of your needs like mortgage. This relieves you of any huge bill burdens and be at peace to focus more on recovering.
Each insurance provider cover specific illnesses, thus, before purchasing anything you should first know the kind of illness the provider is covering for. Some conditions covered include cancer, paralysis, blindness and stroke.
Why Opt For This Plan?
Our bodies are unpredictable, so, you may believe that you’re in a perfect condition but surprisingly some diseases cannot be predicted or give you any signs. Therefore, having a critical illness cover is very essential. You may look at it as a precaution for unexpected health conditions. Life insurance offers the following for you and your family:
- Security in terms of finance
- A peaceful mind knowing you have a cover
An illness strategy that is perfect can cover more costs than remaining mortgage balance an individual may have. This means with such a plan, you may be able to cover other pending costs like debts, daily basic living expenses and medical costs. This is a protection that has many advantages and never will you feel any financial pressure and stress that may interfere with your recuperation. Problems will definitely increase if one ignores to purchase a protection cover and develops a severe disease.
How Does It Work?
Purchasing an insurance plan is very simple. First, you are required to request for a quote from an insurance provider. It is normal for providers to inquire about your personal and health information. This helps them to know whether you are eligible for the plan or not. You will provide the following data:
- Employment status
- Medical conditions (Existing ones)
- Risk factors like alcohol consumption
Afterwards, an assessment on the possibility of contracting a severe disease is done against a statistical profile according to the data provided. An insurance provider states the level of risk you are in based on his assumptions. However, it is possible for individuals to modify some parts of the plan to meet their desires. An example, you may decide to specify the duration of the terms like 10-20 years or the range of your coverage amount. These factors will have an influence on the cost of your monthly cover.
How to Make A Claim
It is very simple. If you need to claim your cover, all is needed is to notify your insurance provider that you have fallen ill. The provider will of course confirm your situation by requesting some medical records as evidence. Once your illness has been proven to be true, your huge claim will be delivered to you.
Additionally, the claims are delivered a month after the confirmation is made. Thus, such an insurance payment in UK is free from any taxes. Although, some claims are so much delayed if there is fraud suspicion.
Disqualification Of A Claim
- Insurers will reject a claim if it goes against the terms and conditions of your plan. For instance, when one develops a disease that is not covered by your insurance provider. It should be noted that, no matter how severe an illness may be but it is not part of your provider’s coverage, no claim can be made.
- When you hide out some information to the provider when signing the policy. Example, when an insurer discovers some medical information you withhold during the time a claim is made, the possibility of being paid is very slim. You should be straight with your provider about everything to avoid any unnecessary problems.
Critical illness cover is there to provide security and ease your burden as long as you follow the terms and conditions required for each plan.