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

posted 14 Aug 2009 critical illness insurance

What diseases and conditions should I expect to be covered?

The 27 most common conditions that majority of policies cover are: Alzheimer's Disease, Aorta graft surgery, Balloon valvuloplasty, Benign brain tumor, Blindness, Cancer, Coma, Coronary Angioplasty, Coronary artery by-pass, Deafness, Heart attack, Heart Surgery, Heart valve replacement, HIV Infection, Kidney failure, Loss of hands or feet, Loss of speech, Major organ transplant, Motor neuron disease, Multiple sclerosis, Paralysis of limbs, Parkinson's Disease, Pulmonary artery surgery, Stroke, Third degree burns, Total permanent disability and Traumatic head injury. All those diseases need to result in permanent symptoms in order to be eligible for lump cash sum payment.

There is possibility that definitions vary from one insurer to the another, so you should ultimately check the actual policy terms before you commit yourself.

In the above category of the most common diseases, Tesco Personal Finance excels with 27 critical illness conditions covered. While on other end Virgin's "Cancer Cover" only takes care of two critical diseases.

Some other life insurance policies, usually called comprehensive, will cover other less common disease. For example these conditions can be: Angioplasty, Aplastic anemia, Bacterial meningitis, Cardiomyopathy, Creutzfeldt-Jakob disease, Diabetes, failure of Liver, Mastectomy, Open heart surgery, pre-senile dementia. progressive superanuclear palsy, rheumatoid arthritis, sever lung disease.

Reading medical definitions listed in the terms of your policy might make a dense reading, so in order to help consumers make right choice for themselves The Association of British Insurers (ABI) has recommended the 'wording' that should be used with providers of the critical illness cover.

Taking a critical illness insurance is wise step and it should be followed by the other one, which is carefully making yourself aware of what is exactly covered and under what conditions. There is no point paying the monthly premium for 20 years or more only to find that your expectations were not met because you took happy end for granted. The insurance providers had been known to delay and even refuse to pay the assured lump sum on the basis of some technicality. It is well worth reading the terms and conditions of your policy in every case.

For example, there is usually 30 days gratis period upon submission of the medical certificate diagnosing terminal illness. Simply put, that means that for 30 days since insurance provider receives the medical certificate you have to keep on paying your household expenses out of your pocket. If you find out about this 'technicality' only at the last moment, while the possible trauma of the illness of your loved one goes on around you, it is just going to add to your grievances.

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