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Critical illness cover can have very huge and dramatic impact over one’s life, and also to the lives of his loved ones. Depending on what the illness is, and on how much one depends on his limbs, the blow of a critical illness can be devastating. Such illnesses include Alzheimer’s disease, kidney failure, blindness, deafness, Parkinson’s disease, HIV/AIDS, paralysis of a limb, and terminal illnesses. Wouldn’t it feel reassuring if you have more than just the family of the loved one, but also institutions to catch him on this challenging period in life? It would be very handy for someone if his expenses would be supported by a critical illness cover or critical illness insurance.
When somebody has purchased a critical illness insurance, the insurance company will be bound to pay a lump sum amount to the policyholder, given that he or she is diagnosed with illnesses that were covered by the insurance policy. Usually, those illnesses were the ones mentioned earlier. A critical Illness cover can be agreed upon so that the payment would be given like a regular monthly income, which is the common practice. Also, not only those with critical illnesses can be covered by this insurance policy, even those that require surgery or transplants can also qualify for the insurance payouts. Transplants or surgeries that are likely to be covered are those involving kidney, heart, and liver transplant or surgery.
In a critical Illness cover, there is what we call the “survival period”. This is the period required for the policyholder to survive in order to be covered by the insurance company. The countdown of the period starts from when the disease is first diagnosed by a doctor that is recognized by the insurance company. The number of days that make up the “survival period” varies from one company to another. In the United States, the survival period is within 28 to 30 days after the illness is first diagnosed.
In Australia, this period is much shorter, comprising only 8 to 14 days of survival, which is a lot better for the policyholder and his family. In order for the policyholder to qualify, not only does the physician have to be recognized, but also, several required tests have to be undertaken by the policyholder. However, there is no need to worry about this since in most companies, a recognized physician is not a strict requirement and taking the required tests would suffice. There are also some alternative forms for a critical Illness cover.
In one of these alternatives, instead of the policyholder being paid, the insurance company themselves pay directly for the expenses required for the treatment of the policyholder. This payment includes the necessary transplants or surgeries, and also the post-operational care, given that the policyholder has indeed qualified for the insurance cover. There are also forms of critical Illness cover where the policyholder is offered to be treated in highly specialized hospitals. This policy will include the travel expenses and accommodation expenses of both the policyholder and his companion. http://protection-insurance.org/what-is-a-critical-illness-cover/