Do I Need Critical Illness Insurance

Do I​ Need Critical Illness Insurance?
Critical illness insurance is​ taken out to​ cover you​ either for life or​ for a​ set period of​ time against certain critical illnesses,​ diseases and medical conditions .​
It differs from life insurance in​ that life insurance pays out should you​ die .​
Critical illness insurance pays if​ you​ become physically or​ mentally impaired through illness or​ disease.
A policy to​ cover you​ for critical illness will pay out a​ tax free lump sum if​ you​ should fall victim to​ one of​ the​ illnesses defined within the​ policy .​
All that is​ needed to​ make a​ claim is​ the​ diagnosis by your Doctor of​ one of​ the​ illnesses or​ conditions defined in​ the​ policy; there is​ usually no requirement for you​ to​ prove loss of​ earnings or​ for you​ to​ need any special medical treatment.
Points to​ consider when thinking of​ taking out this form of​ insurance is​ that the​ sum and terms are decided at​ the​ outset when you​ take out your policy .​
In order for the​ policy to​ pay out then you​ must survive for at​ least 28 days after the​ condition or​ illness has been diagnosed .​
Once the​ set time of​ the​ policy has passed and you​ haven’t been diagnosed as​ having a​ serious illness or​ condition then there is​ no payout and the​ policy simply ceases.
Before deciding on​ whether or​ not to​ take out critical illness insurance you​ should take several factors into consideration .​
The most important thing to​ decide is​ how much money you​ would need if​ you​ were to​ become critically ill and then decide how long you​ would need the​ cover for.
You will also have to​ take into account the​ various illnesses that are covered as​ these can vary from company to​ company .​
Another thing to​ take into account is​ that different companies have different exclusions within the​ policies so it​ is​ important that you​ read all the​ small print.

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