The term critical illness is something that justifiably strikes fear into any of us. Not only from the perspective of self preservation but also from the perspective of our loved ones and the inherent problems that are associated with the terminology. Critical illness, in essence relates to a serious debilitating illness such as cancer, stroke or heart disease which is generally life threatening, and apart from the stress and strain of dealing with the condition itself and relevant treatment, one of the biggest concerns that many have is how they will manage financially.
The hidden aspect of a critical illness diagnosis is the implications for the future financial welfare of the family. It is an unfortunate fact that few have actually made any plans or contingencies in case of a potential critical illness, which leaves many people and families exposed in a financial sense. There is no doubt that for the individual who is diagnosed, the stress of dealing with the diagnosis is enough in itself, however having to then consider the financial problems that an extended period of not working and therefore not bringing an income into the household causes can exacerbate an already tense and difficult situation. This is where the option of a critical illness insurance policy can provide peace of mind which provides cover for critical illness.
The choice of policy provider is an important consideration as different providers offer varying types of cover, as well as individual elements that can be specific for certain age groups as well as professions. Key elements that are taken into account from the perspective of the insurer include age of the applicant, any previous medical conditions and the medical history in general as well as social factors such as smoking and alcohol consumption. All of these are generally factored into the risk assessment which then dictates the cost of the policy. In addition some providers require medical examinations whilst others do not. All of this information may well be detailed in the application or terms and conditions of any policy.
When it comes to choosing a relevant policy the key is to be as precise and honest as possible when obtaining the relevant quotations, to ensure that if payout should be required, that no issues surface. Comparing the available options is always a good idea and the use of an effective comparison website which specifically offers comparisons of critical illness policies often offers the best solution.