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Critical Illness Insurance
Critical illness policies are simply a stepping stone away from life assurance policies. Critical illness policies provide cover for any person that may suffer a critical illness who cannot work and support a family, and will pay out the lump sum of money stored away regardless of whether or not you survive the illness that you have unfortunately received.
Different companies have different policies; however all will cover cancer, stroke, and heart attack within their policies. Each will include an amount of time in which the patient has to live after the recorded diagnosis; if the patient survives the required time then they become eligible for the amount of money. Some conditions are excluded from many policies that may be self inflicted, or avoidable. These may include illness from drug abuse, AIDs, and some kinds of cancer that are avoidable (i.e., lung cancer in a smoker)
If you are fortunate enough to survive, then critical illness policies will cover loss of income, and any in-home treatments that may be required and beneficial to your full recovery, and replenishment of value of life.
Like every kind of insurance, policies are different for everyone. Critical illness and life insurance policies will be higher if your health is seen as a liability. Smokers and anyone that is known to participate in any life threatening activity will face the consequences of a higher premium. However, others that are non-smokers, healthy and unlikely to be a liability for the company will have a smaller premium to pay.
Life assurance and critical illness policies should be discussed with your partner and/or family, as well as accurately insuring yourself for any accident, illness or death that you may incur. Not only should the main income earner be insured, but with small children the child-carer should be insured.
There is nothing more terrifying than facing the prospect of your imminent death, however through life assurance or a critical illness policy, you will surely relieve the financial burden or any burden for that matter that may fall onto those who you love, in any circumstance.
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