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The Basics Of Critical Illness Cover
Critical illness cover provides money to help ease the financial hardship inevitably faced when serious illness severely hampers normal day to day life, and most often, the ability to earn for a significant period. Critical illness cover can include upwards of thirty specified conditions, and the payment is usually a tax free lump sum. As the name of the policy suggests, critical illness cover is concerned with serious and potentially life threatening events such a heart attack, stroke and cancers. Each policy is different, and therefore the detail of the contract is very important. A critical illness cover policy will usually pay out on the diagnosis of a U.K. consultant recognised by the policy provider. Many policies will cover certain types of conditions while excluding other types of the same kind of illness. For example, many include certain forms of cancer, while excluding other specific types of cancer from the policy. There is commonly a time lag between diagnosis of a qualifying condition and the pay out from the policy, and this waiting period is typically around one to three months. Death from the condition before the end of this period can void the critical illness cover. It is important when taking out critical illness cover to fully disclose all medical history. Evidence of smoking, for example, can void the policy in the event of contracting lung cancer if the habit was not declared when the policy was taken out. A non-smoker is usually categorised as someone who has not smoked for one year and a day. Some of the health statistics for adults in Britain suggest that this form of insurance should be considered by all who can afford it, regardless of some of the limitations to most critical illness cover policies described above. This is not least because critical illness before retirement age is much more likely than death, statistically speaking. Serious illness such as heart attack or cancer affects one in four women, and one in five men before the age of sixty five at the present time in Britain. The funds necessary to support a full period of recuperation can be provided by critical illness cover, preventing the need for a financially driven, premature return to work. Article Directory: http://www.articledashboard.com Renato Loehrer retired from the insurance industry three years ago, and is now studying medicine. Renato Loehrer recommends looking at the policies provided by Legal |
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