Other Types Of Policies
Critical illness cover is a type of protection you get to cover you when you are diagnosed with a critical illness. Needless to say, you can simply not get such a policy if you have already been diagnosed with such an illness, as it would then qualify as a pre-existing condition. Therefore, it is advised that you should get this type of policy when you are still young and healthy.
Life insurance is still a critical coverage for every individual who cares about their loved ones when they leave them behind the day they pass away. But life insurance nowadays only cover people who do not have any real critical illness. That is very unfortunate to individuals who are stuck with any illnesses because they cannot acquire any insurance at all. There are, however, some companies that currently cover individuals with HIV or diabetes. That’s why it is for everyone’s best interest to purchase life insurance when they are still young. They can buy any amount of coverage as they wish to be protected, in that case, they do not have to worry about buying any life insurance if they get old. When you purchase life insurance at an earlier age, you can always add coverage in the future if you want, and at the same time, you don’t have to undergo any more medical exams.
What are the benefits of having this kind of coverage?
Having a life insurance while you are still very healthy, is the best decision you will ever make because once you are covered and accidentally acquire any particular illness, your insurance company cannot deny any claim whatsoever. If you did not take advantage of any insurances while you are still young, and you decide to purchase it when you are already about fifty years old, you will still be able to receive a protection, but your coverage will be very limited and the premium will also be a lot more expensive.Try to start with minimal coverage to begin with, then review your asset to figure out the amount you need to cover your family’s needs in the case you pass away. If you have enough coverage, you will ensure that your loved ones don’t have financial worries the day you pass away.
What else does this kind of coverage, cover?
Life insurance will only cover the insured in the event of death. If you get sick and is in need of any hospitalization’s to save your life, this special protection cannot cover any of your medical and hospital bills. If you have health insurance, you will be fully covered and be taken cared of from of all your future medical bills and all the hospitalization costs. Some countries are even offering some types of medical help for their local citizens who are in a particular age group.
How long do life and critical illness cover you?
If you have life and critical illness cover at this time, consider yourself a lucky person. The reason for this is that if you try to purchase any life insurance at an older age, it’s going to be tough. There will ll be several inquiries from your health that needs to undergo medical exams, but it will be tough and crucial due to your old age. Insurance companies are very strict in issuing their policy, especially if you have a history of heart problems or kidney issues and other major problems regarding your health. That’s why it is so important to get life insurance while you are still in the best state of health.
How much does this kind of coverage cost?
The premium you will need to pay for a life and critical illness policy is based on the applicant’s age, gender, health status, marital situation and location. If you are exposed to any hazardous materials at work, your premium will be a lot more expensive compared to the usual applicant. It is highly recommended to contact your local insurance broker and ask for a quotation on a specific coverage. I would advise you to check with your local department of insurance and request a list of all of the licensed insurance brokers and their agents to avoid getting scammed by all of those unlicensed agents.