Critical Illness Insurance Uncovered
Article published on 20th July 2008
Over the next few articles we are going to be looking at Critical Illness Insurance (CII) policies: what it is, what it offers and what to watch out for.
As serious illnesses like cancers and severe coronary illness (like heart attacks) are known to affect about one ion five men and one in four women before they reach retirement age, Critical Illness Insurance policies are designed to help you out of the financial difficulties that can come with being struck down by such an illness. Critical Illness Insurance policies offer a tax-free lump sum if you contract a designated serious disease or if you become profoundly disabled (like losing your sight, your limbs or whatever else), although CII policies tend not to pay out for several weeks (up to a month) before they pay out. With any luck your statutory sick pay will pay out until it does.
The number of diseases and conditions that are now covered by CII policies have risen to around 30, although you must always check your policy carefully to define the full breadth of the cover it has to offer. Contracts differ from company to company.
All Critical Illness Insurance policies should cover for a 'core' of critical illnesses and conditions, including:
- Coronary artery bypass
- Coronary arrest (heart attack)
- Kidney failure
- Collapse and/or transplant of a major organ
- MS (multiple sclerosis)
They should also pay out if the policy holder loses the use of his or her limbs or is otherwise permanently disabled due to illness or injury.
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