Critical illness with your life insurance cover
Posted on May 16th, 2010
Most people will have a life insurance policy, especially if they have taken out a mortgage. This will cover them in the event of their death, usually within a specified period of time. Not everyone however, will have added critical illness cover to their policy. It can be an expensive addition but it could save you plenty of money in the long term if you were to be diagnosed with a critical illness.
Having critical illness cover added to your life insurance policy means that should you develop an illness or disease which is life threatening, then your insurance company will provide cover for certain payments in the event that you have to give up your job and you are left with no way to pay the bills.
If you were to develop an illness and had to go to hospital for surgery, then with critical illness cover added to your life insurance policy, you would have the security of your bills being paid by the insurance company. It is important however, to note that not all illnesses will be covered by your insurance company. They will have a list of illnesses that they cover. If it is not on the list you will not be covered.
Many serious illnesses can cause you to have to leave your job and have no income coming in. It is therefore vital that you have sufficient cover in place to protect you and your family should this happen. While some illnesses will not cause sudden death, they may leave you incapable of working and in severe financial difficulty. Strokes, heart attacks, multiple sclerosis and some cancers can all leave you incapacitated and unable to earn a living. It is then that the benefits of having critical illness cover added to your life insurance policy would be seen. Usually after a certain length of time, if you have been diagnosed with one of the covered critical illnesses, your insurance company will pay out a lump sum which will help to ease the financial burden you may be facing.
The premiums will be higher for life insurance with critical illness cover added and the insurance company will want to know all about your medical history, the medical history of your family and your present state of health. A lot of critical illnesses are hereditary so your premiums will reflect this. Make sure that you are honest when supplying your answers as any discrepancies could affect the validity of your policy should you need to make a claim.
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Tags: Cover, Life Insurance
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