Critical insurance plan- Is it worth considering

Discussion in 'General' started by alexdadda22, Aug 3, 2012.

  1. [FONT=&quot]In present times, if you have a critical illness cover you will be content and will exude confidence. Most people don't obtain this cover in the young age, as they are unaware of the type of policy available. If you ask an average person about it, they won't be aware of it.[/FONT]
    [FONT=&quot]Critical illness cover protects your family's financial health and it is a proactive step taken to change things from its core. [/FONT]
    [FONT=&quot]Meaning of critical insurance[/FONT]
    [FONT=&quot]Critical illness insurance provides you tax free Lumpsum payment after the initial diagnosis of critical disease within 30 days. This type of insurance covers conditions like heart attack, Alzheimer, stroke, multiple sclerosis and stroke.[/FONT]
    [FONT=&quot]If you have critical illness insurance cover in its place, you can use the funds according to your requirements. Through, this amount you can pay off mortgage payments, pay another bills, mounting medical expenses, or you can use the amount for child care expenses.[/FONT]
    [FONT=&quot]According to the experts obtaining critical illness cover quote is utmost essential because there is a chance of having a heart attack or cancer at the age of 40 years is higher than dying at the age of 65 years.[/FONT]
    [FONT=&quot]Many people consider this financial estimate as a no brainer thing. They underestimate power of numbers or figures. The trouble is that they usually wait for the right time to come.[/FONT]
    [FONT=&quot]Imagine that you are having cancer and you are ready for chemotherapy, and the waiting period is 4 weeks in London. You can do it immediately at the cost of £4000 in Scotland. Critical illness cover can assist you in that.[/FONT]
    [FONT=&quot]In the meantime you are not able to work and your spouse is devoting a lot of time to your medical appointments. So, who will take care of your child's future or piled up medical bills. Yes, critical life insurance cover will help you to recover from something like that. [/FONT]
    [FONT=&quot]There are two types of insurance policy- critical insurance policy from bank or financial institution when you sign mortgage papers or insurance company.[/FONT]
    [FONT=&quot]If you obtain critical illness cover quote to pay your mortgage payments in case, you are sick then proceeds will be used to pay the same. This option is cheaper than another insurance policy. Remember, the amount of mortgage will shrink, but the amount of premium will remain the same. [/FONT]
    [FONT=&quot]If you have obtained policy from bank; it will cover heart attack, stroke and cancer, which is the major cause of critical illness. But it is worth remembering that policies from insurance companies cover wide range of diseases like multiple sclerosis, kidney failure, organ transplant, blindness, and Alzheimer.[/FONT]
    [FONT=&quot]Also, it is simpler to get critical life insurance policy that is tied to your mortgage. If, you try to get a personal policy it would be far more detailed and comprehensive i.e. you need to undergo blood tests and other medical tests. [/FONT]
    [FONT=&quot]There are some policies in the market that will even refund you the amount; if you don't make the claims, but these policies come at an exorbitant rate.[/FONT]

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