What is Critical Illness and Buying It? - Mountview FS

1. What is Critical Illness and Buying It? No one wants to slip into a financial crunch on getting engulfed by critical illness. These illnesses do not alarm before creating a menace in your life. In this regard, ​critical illness insurance is the perfect way to deal with the problem. This kind of policy provides coverage against fatal diseases like cancer, renal failure, liver transplant, and many more. Basically, the reparation is given in a lump-sum amount after diagnosing the type of illness covered in the insurance plan. The lump-sum amount given to the insured person can be used for clearing ​existing mortgage or financially securing family members. Indeed, some of the cases have a survival period of about 30 days and you can get the claim after the completion of that time slot. Why Do You Need Critical Illness Policy? Medical illness is one such problem that can yield huge expenses in the ​treatment​. And many people might not be able to afford medical expenditures. Moreover, the surging medical costs for critical diseases go in thousands and millions of pounds. This is the reason that taking critical illness policy is becoming highly mandatory. With this policy you can protect your liabilities. Once the insured is diagnosed with one of the mentioned critical diseases, the insurance company pays a lump sum to the policy holder which helps them pay off their liabilities.

2. There are some similarities between critical illness policy and ​life cover​. The big difference being that it is designed to payout a lump sum if you are diagnosed with or suffer from a serious/ critical illness or if you have to go through certain types of surgeries as mentioned in policy terms and conditions. Critical Illness insurance is highly recommended if you have a family who depends on your income or if you​​have a mortgage​ which is fully or partially funded by your income. Benefits of Taking Critical Illness Insurance: Having an insurance policy is the best coverage that one can get. Everyone knows that life is unpredictable and diseases can knock on the doors at any point of time. So, you should be prepared well with critical insurance coverage for handling unforeseen expenses without a doubt. #1- Lump-sum Payment: The insurance company pays off a lump sum amount to the insured person or his family member opted as nominee. In order to receive the amount, you need to have a minimum 10 to 14 days survival after getting your critical illness diagnosed. #2 - Coverage for the Child: Most of the Insurers provide coverage for applicants' children as well without any extra cost. If the child is diagnosed with a critical illness; the company will pay 25 percent of the total insured amount for the treatment. #3 - Shorter Waiting Period:

3. Generally, this kind of critical insurance policy does not have a waiting period of more than 3 months. #4 - Additional Coverage: Apart from the severe critical illness, the policy provides coverage for some specified diseases like cancer, heart-related and few others. Changing scenarios of life has brought out the fact that a steady rise has been witnessed in the number of people with life-threatening diseases. Though, the opportunities of people coming across critical illness are rising; still, the age at which they are getting engulfed with the diseases is decreasing. Indeed, people at a smaller age have been diagnosed with serious diseases. In this matter, critical illness insurance is the solution that prepares you to handle financial crises. As a practical measure, you should get a critical illness insurance policy for securing your and family members’ life in the future. At times, critical illness coverage is thought similar to life insurance. The difference between the two is that critical illness insurance policy is developed to provide a lump-sum amount to the insured. Here, the coverage is intended for the insured or the child is diagnosed with critical illness or the insured person has to undergo a major surgical process. The critical illness policy is termed as helping hands for people, who are the sole bread-earners of the family and wish to secure the life of their family members after them. It is all about reducing financial stress of the family in terms of being diagnosed with a hazardous disease. This is the reason that critical illness coverage should be taken from a licensed insurance providing company. Moreover, critical illness can affect a person at any age and turn your life upside down. If you do not have enough savings to provide financial assurance to your family members; critical illness policy is the ultimate answer to such problems. Original Source: ​https://mountviewfs.co.uk/what-is-critical-illness-buying-it/