• Home
• Finance
• What you Should Know When Getting Critical Illness Cover Quotes

What you Should Know When Getting Critical Illness Cover Quotes

If you are looking into critical illness insurance cover quotes, there are some things that you will need to take into consideration before making any sort of final decision. Nobody likes to think about these things, but the reality is that critical illnesses strike when you least expect it. This is why it becomes so important to obtain sufficient coverage so that no matter what you and your family can be financially safeguarded.

When you have critical illness coverage you can get a lump sum payment upon getting diagnosed with one of the illnesses listed in the policy. There will be a certain face amount that the lump sum will be equivalent to, and you will be the one who receives the benefits rather than your beneficiaries. Even though this coverage is intended to help you pay your medical expenses, you are entitled to do whatever you wish with the money.

In order for you to be able to receive the lump sum payment, you will be required to survive through a waiting period. In most cases, this waiting period will be about 30 days. In order for the critical illness to be payable it will need to fall within the definition of the policy. If you become permanently disabled, your critical illness insurance will pay out on that, however the waiting period is actually going to be anywhere between three to six months.

You should be aware that the payment will only come once on a critical illness insurance policy. Your coverage will end immediately once you have been paid out for either disability or critical illness.

Another thing that you should keep in mind when you are getting critical illness cover quotes is that it may be a good idea to combine your critical illness policy with your life insurance policy. Many life insurance companies will offer to extend you critical illness coverage on top of your life insurance coverage, as long as you will pay the additional premium.

This becomes very beneficial to you when you are trying to survive the waiting period for your critical illness policy to take effect. In the event that you were to pass on during the waiting period, you would still get paid out from your life insurance policy, and your loved ones would remain taken care of. Just be careful and study the policies closely, because some of the companies will not separate your life insurance policy from your critical illness insurance policy. What this means is that once you made your critical illness claim, your life insurance would no longer be effective. This is especially dangerous due to the fact that it can become close to impossible to obtain life insurance once you have filed a critical illness claim.

The last thing you want to have to deal with when you have a critical illness is financial woes. This is why you should keep all of these things in mind when you are looking into critical illness cover quotes so that you can make sure you get the best coverage possible for you and your family.

Next, find out more about critical illness cover quotes now!

Related Posts to What you Should Know When Getting Critical Illness Cover Quotes