CRITICAL ILLNESS LIFE COVER COMPARISON ...

Critical Illnes life cover plans compared Have you taken care of the worst case scenario?

posted 14 Aug 2009 critical illness insurance

How Critical Illness policies from different providers compare?

Not the all serious illness life cover policies are born the same. Some providers like Prudential with their PruProtect Comprehensive Plan covers 154 conditions, while some other insurers, like Tesco Bank list on their site only 27 conditions. Obviously, one gets what he pays for and since it is impossible to know what future might bring, it is worth checking the list of covered conditions. A typical insurer will cover the 27 dire terminal diseases and they will pay lump cash sum only after disease reaches pretty much an irreversible stage with permanent symptoms. For example, some forms of cancer that are not considered incurable, will not be covered.

Unless you know what is really awaiting you, it might be worth going for the widest cover policy, like Prudential's Comprehensive Plan. But if policies like this one might be out your budget, you should stick with the more economical standard solution.

It is worth noting that the first occurrence of a disease cancel out any subsequent benefits. That means that you can not get paid lump cash sum twice. For example if you suffer a stroke and you get paid the cash sum you are entitled to and subsequently you loose speach ability or die, there will be no entitlement to the second lump sum payment. This same rule applies for the joint applications, where one of the partners in a couple suffers a critical illness or dies. The lump cash sum will be due on the first proven claim, but this entitlement will be spent and it will not be due if for example the second partner falls ill.

As well, in a case of suicide that occurs in the first year from the start of the policy no lump cash sum will be due. Some other cases can lead to cancellation of the plan, like taking part in dangerous sports, criminal acts, alcohol and drug abuse, refusal to follow medical advice, self-inflicting injury and war.

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