What is critical illness insurance

Thu, 20 Sep 2007

Whilst a life insurance policy is designed to pay out in event of the policyholder dying, critical illness insurance is a more specialised form of insurance policy that pays out in the event of a diagnosis with one of a list of specified medical conditions. The nature and type of conditions covered depends on your individual situation and the company that your purchase from.

Critical illness insurance policies generally cover heart attacks, stroke, cancer and other major diseases. These almost always include organ transplant, MS, kidney failure, and coronary artery by-pass surgery according to the Association of British Insurers .

Other insurance companies offer cover for as many as 30 other illnesses, usually for little extra cost. Often, these include diabetes, Parkinson’s, Alzheimer’s and even Aids. Policies will not cover some diseases, including skin cancer and others. As with all insurance policies, disclosure is key and all consumers should fill out application forms as accurately as possible.
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