Critical Illness Insurance - Advantages and Disadvantages
Advantages of Critical Illness Insurance
. after 30 days of being diagnosed with a life-threatening illness, a critical illness insurance policy pays out a tax-free lump sum; Tax-free lump sum
Family protection . Critical illness insurance is essential for those that have a mortgage to pay or young family to protect;
Covers up to 26 diseases . Whilst the specifics of what is covered by critical illness cover vary between policies, all should cover: cancer, heart attacks, coronary artery bypass and strokes;
Peace-of-mind . Whilst nobody expects to get a life-threatening illness, critical illness cover provides a family with peace-of-mind as to God forbid in the case family is struck with family member with Critical Illness all they have to worry about is health conditions and recovery and not about finances.
Guaranteed premiums . While renewable premiums tend to be cheaper to begin with, however it becomes expensive to renew. It is advisable to get longer term like till age 65 or till age 75 where premiums don’t change.
Disadvantages of Critical Illness Insurance
Additional costs . Those struggling to pay general living expenses may find that it is difficult to afford critical illness insurance, life insurance and other forms of cover deemed essential;
Exclusion of certain diseases . Most policies no longer cover lymphoma or Kaposi's sarcoma in the presence of HIV, non-invasive skin cancers, and less advanced cases of prostate cancer. Always check critical illness insurance cover policies for specific details as they can vary considerably between policy providers;
Existing medical conditions . Should certain close family members have a high incidence of a specific life-threatening illness, premiums may be increased or the disease excluded. Those that have already suffered a life-threatening illness will find that it is excluded from the policy;
Under-writing process . Once application for CI is completed and submitted for processing, underwriters during process of underwriting a critical illness insurance policy may put exclusions to pre-existing conditions.
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