We live in a world where the future is unpredictable. We cannot take the chance and simply say that nothing can happen to us. Life is so precious and certainly not a thing to gamble with. Surveys show that someone is more likely to suffer from a critical illness than to die before reaching the age of 65. As a result, more and more people are seeking a critical illness protection to prepare for the future.
A critical illness protection is a type of insurance designed to protect you in case of a critical illness. The critical illness protection scheme will award you benefits when the illness you are suffering from is identified by your policy. Critical illness protection payout can help you in different ways. In an initial stage, critical illness protection may take about 28 days to 3 months before making the payment. After your critical illness protection policy has awarded you the lump sum, you are free to use your money at will.
The money could be used to pay your medical bills. If you are suffering from a critical illness such as coronary artery malfunctions and have to undergo an extensive surgery, you need some money behind you for the cost. Critical illness protection can also ease out some of your debts, thus reducing your stress at an already hard time. For example, monthly mortgage installments or even a loan could be paid. Obviously, make sure what your critical illness protection pays out will cover your debts and mortgage. Even a small debt could cause you immeasurable stress if you cannot repay because of a critical illness.
With critical illness protection, you may have the liberty to choose the type of policy you want. Whether it is a joint policy or a combined critical illness protection policy with life insurance is just fine. Critical illness protection may also let you the choice to point out how much cover you need or for how much time you will need the insurance for. Thus at this stage you have a better understanding of which type of insurance could suit you best. Most people go for a long term, 20 years, critical illness protection as they synchronise it with their mortgage term.
The more cover you ask from critical illness protection, the higher the premium you are likely to pay. So be wise when choosing the amount of cover you want from critical illness protection. Assume you took a critical illness protection plan that require high premiums be paid each month. If you do not pay your premium, you may be entitled to pay fines for missed payments. Furthermore, it becomes much critical if your financial dilemmas continue. Your critical illness protection firm may as well want to cancel out your policy.
That is why you should read the critical illness protection policy documents before you sign. Your critical illness protection will entirely depend on this policy. If you have not read the document carefully then you can be stuck at the moment of payout. The critical illness protection policy will also contain precious information about exclusion matters. Missing this could be really devastating. Loss of benefits is not always easy to digest.
A critical illness protection is a type of insurance designed to protect you in case of a critical illness. The critical illness protection scheme will award you benefits when the illness you are suffering from is identified by your policy. Critical illness protection payout can help you in different ways. In an initial stage, critical illness protection may take about 28 days to 3 months before making the payment. After your critical illness protection policy has awarded you the lump sum, you are free to use your money at will.
The money could be used to pay your medical bills. If you are suffering from a critical illness such as coronary artery malfunctions and have to undergo an extensive surgery, you need some money behind you for the cost. Critical illness protection can also ease out some of your debts, thus reducing your stress at an already hard time. For example, monthly mortgage installments or even a loan could be paid. Obviously, make sure what your critical illness protection pays out will cover your debts and mortgage. Even a small debt could cause you immeasurable stress if you cannot repay because of a critical illness.
With critical illness protection, you may have the liberty to choose the type of policy you want. Whether it is a joint policy or a combined critical illness protection policy with life insurance is just fine. Critical illness protection may also let you the choice to point out how much cover you need or for how much time you will need the insurance for. Thus at this stage you have a better understanding of which type of insurance could suit you best. Most people go for a long term, 20 years, critical illness protection as they synchronise it with their mortgage term.
The more cover you ask from critical illness protection, the higher the premium you are likely to pay. So be wise when choosing the amount of cover you want from critical illness protection. Assume you took a critical illness protection plan that require high premiums be paid each month. If you do not pay your premium, you may be entitled to pay fines for missed payments. Furthermore, it becomes much critical if your financial dilemmas continue. Your critical illness protection firm may as well want to cancel out your policy.
That is why you should read the critical illness protection policy documents before you sign. Your critical illness protection will entirely depend on this policy. If you have not read the document carefully then you can be stuck at the moment of payout. The critical illness protection policy will also contain precious information about exclusion matters. Missing this could be really devastating. Loss of benefits is not always easy to digest.
1 comments:
After reading all the pros and cons of having a critical illness protection I am still in favor of it. Though it charges more but still it lend a hand in times of need and do supports one financially.
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