Critical Illness and Medical Insurance

The diseases that are difficult to be cured and needs lots of money for treatment are called Critical Illness. Cancer, multiple sclerosis, kidney failure, stroke and heart attack are some of the most common illnesses known as critical. There are insurance policies that cover such type of diseases. Under the policies, the insured is paid out a lump sum benefit, free of income tax and capital gains tax.

The insurance agency will be liable to make the payment only if you are diagnosed with a serious or critical illness defined by it. Each agency has its own definition of illnesses. Hence, you should carefully examine the policy wording before committing to one policy. Otherwise you may surprisingly discover that the illnesses you wanted to cover are not there in the list of critical illnesses covered by the company.

In order to take maximum benefit of your medical insurance policy, you can prepare yourself with some related knowledge and information. For example, you can estimate what your loss of income will be and what money you will need to compensate for the earning power which the illness causes you. You can even find out how much it would cost to make improvements to your home should you become subject certain disabilities like unable to use stairs.

You can also make estimation on how much you can afford to contribute towards the payment of the instalments of the critical illness insurance policy. Payments can be made by premium either monthly or annually. It is the premium that you can afford will decide the level of benefit you will be entitled to receive if you become subject to a covered illness. Your general health condition also will influence the premiums. As a rule, you are unlikely to be covered for illnesses that you have suffering since birth. Your premiums may be higher if you have a history of particular illnesses in your family.

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