Ever wondered what life would be without insurance policies and claims? Be it physical illness, accidents, mortgage life insurance or family income benefits, getting you and your family covered is a secure move to make! The article gives you more information on how to get a critical illness cover quote.
- What is a critical illness insurance policy? A policy that pays out a tax free amount of lump sum money upon diagnosis of any specified critical illness is called a critical illness insurance policy. This comes in handy when you are suffering from a serious illness and are unable to get to work and suffer a loss of salary. In comparison to life coverage, critical illness insurance (also known as critical illness cover) is paid out to you and is more expensive. Most companies today offer critical illness cover free for children in their policies.
- What are the main types? Level Term Critical Illness is when the amount is fixed and remains the same throughout the duration of the policy. It is most often used to cover family protection and interest only loans or mortgages. Decreasing Critical Illness/Mortgage Critical Illness is when the amount decreases throughout the duration of the policy in Mortgage Critical Illness. This is often used to protect interest repayments and capital on a loan or mortgage.
- How is it calculated? Critical Illness insurance premiums are always calculated based on a lot of factors including your age, gender, medical history, smoker status, the amount and type of cover that you choose and height and weight. Online quotes can be requested which give you a basic idea of the prices involved. This is followed by a medical background check upon receiving the application.
- What conditions are covered? The main thing to remember is that this policy provides you cover against any financial problems that may arise during your illness. It is not a lottery that you win; you are diagnosed with a life-threatening illness and are given a lump sum amount of money to manage your expenses. The definitions and the ABI specifying types of illnesses give you a better idea of what is covered under this policy.
- What are excluded items? Each company has its own policy exclusions for critical illness payouts. Some of the most commonly known are injuries which are self-inflicted, drug-related claims and claims that arise from war. Some companies also exclude conditions, such as a pre-existing medical condition, from a policy. It is advisable to read through the policy documents, key features and terms to get more details on what is excluded!
Instant critical illness quote forms are available online. You will just need to fill in a few basic details such as who the cover is for, type of cover required, amount of cover and duration of cover, etc. You can instantly compare all critical illness policies offered by the best companies online. Getting the quotes online not only allows you to get the best policies offered, but also saves time on calling insurers!