Critical Illness Insurance is a policy where the company pays a lump sum amount to the policy holder in case the holder is diagnosed with one of the illnesses listed by the company. This policy is otherwise known as critical illness cover or dread disease policy. The policy can also be designed to pay regular amounts in case the owner is undergoing a surgery; for example a bypass surgery. It may happen that the policy requires the holder to be alive for a few days from the day the disease is diagnosed.
There are certain conditions put down by the insurer before the policy is sold. In many cases it is necessary to have a certificate of diagnosis from a medical person who specializes in that particular illness. There are alternatives to the lump sum cash model in critical illness insurance These insurers directly pay the authorities in charge of the patients’ health for the treatment of the insured. These costs include the fee of the specialists, fees of select list of hospitals, and in some cases amount as per the sessions of the treatment.
The schedule of insured illnesses vary from company to company. The usual illnesses covered are heart attack, cancer, stroke, coronary artery bypass surgery. Apart from these other illnesses that might be covered are Alzheimer’s disease, blindness, deafness, kidney failure, a major organ transplant, terminal disease, paralysis, Parkinson’s disease or multiple sclerosis. Due to the fact that the treatment may improve the patient’s condition, the financial condition deemed to cover in the last decade are no longer considered necessary today.
Critical illness insurance was initially introduced to give a financial back up to the person following the diagnosis. The policy can also be bought in conjunction with a life insurance or term insurance. This policy can also be used as financial protection for the patients’ family to pay off the mortgage. Some employers make it a point to buy this policy for their employees. It is usually bought as a group policy and has become an important strategy by the employers to protect their employees and attract more people to work for their company.
Some forms of critical illness insurances allow patients to travel to highly specialized hospitals anywhere in the world. These policies usually cover travel and accommodation expenses for the patient and a companion. They also usually pay for the treatment and translators or personal nurses if needed.
Critical Illness Insurance policies play an important role in today’s times when medical and hospitalization costs have gone very high. It usually becomes very difficult for people belonging to the middle class to cover these expenses from their sole income. At such time, this insurance cover stands as a guarantee that there will be a partner to share these expenses and give them the treatment they deserve.
Critical Illness Insurance policies play an important role in today’s times when medical and hospitalization costs have gone very high. Visit Edelweiss Tokio Life Insurance Company for critical illness insurance plans for all types of budgets.
