First introduced in 1983 in S. africa in the name of ‘dread disease insurance’, the particular critical illness insurance is gaining interest in the recent days. Before the introduction, it was sold as ‘cancer policy’ in the US serving to provide insurance for some types of cancer. This can be regarded as the precursor to the critical illness insurance of the day. It gradually acquired popularity in other parts of the globe like Canada, UK, Israel and Eastern Asian countries.
In the event when the insurance bearer is detected with any of the important illness conditions found mentioned in the policy, he or she might receive a taxes free lump sum. The critical conditions considered include heart attack, cancer, heart stroke, coronary artery bypass surgery plus kidney failure to mention a few.
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Several companies will cover only eight illness conditions while some others have known up to some thirty five conditions. The policy is of enormous help in the financial crisis that soon follow the recognition of the condition. With the financial assistance, the change in the living situations can more or less be addressed.
The word dread disease previously used in South Africa was inappropriate in many markets and also taking into account various marketing strategies too. Thus many insurance firms possess abstained from using the term. The other conditions used to mean critical illness insurance include living insurance, crisis include or trauma cover. There was a time when stringent conditions were placed on assess a condition as one of critical illness. The insurance has now emerged as a monetary proof against many critical illness conditions. Insurers have expanded the list of the conditions so as to tap a bigger customer base.
Critical illness insurance plan is mainly beneficial for only those in whose social insurance does not adequately include any of the serious illness. The need for essential illness cover is mostly felt in countries with inefficient social safety measures. Despite the presence of social security measures, some citizens might still want to avail of illness insurance policy. The motive force behind this might be the need for the best treatment and care.
The add-on benefits that can come along with critical insurance need not be the payment of medical expenses solely. The policy might also cover the particular after effects of the critical illness. It is sometimes that once the illness strikes an individual, the environment he or she dwelled in may need to undergo some alterations to cater to the changed conditions in his or even her life. It is often that the individual might be unable to do any work afterwards. The financial liabilities that are incurred as a result of the illness might also be included in the policy.
The client has to be released to the insurance policy in a thorough way. This will make the picture clear in order to him as well as clearing him or her of any doubts. This will only add to the confidence of the customer over the product.