South Africa is the place where the first form of Critical Illness Cover was introduced. It was known as Dread Disease Insurance and it covered for a variety of forms of cancer. It has since become a more popular policy around the world. Not as popular as term life insurance but popular no less. It was in the United States that it started to gain some steam as it begin it’s life in North America protecting citizens against the risks of cancer. This was the precursor to today’s policies. It became more popular in the last ten years – in regions of East Asia, North America, and the United Kingdom.
The policies cover you, if you are to become ill during the term of policy. They will cover you against a specific number of illnesses as listed by the insurance provider. At the time of diagnosis you will receive a lump sum of money. It is often tax-free. The types of critical illnesses that will be covered can vary but you can be rest assured that cancers, stroke, heart attack, and most types of heart surgery will be included in a policy like this. Many companies may only cover 5-10 illnesses but they will likely be cheaper policies while over policies could over 100 different illnesses. When you are diagnosed with a critical illness it can be a difficult time on its own, so not having to worry about finances can be very helpful for many people. That way you can focus on getting better.
The term Dread Disease Insurance didn’t really catch on around the world so it was soon marketed under different names to help popularize this form of insurance. You wont hear many firms calling it that anymore. Instead, they will use alternatives like trauma cover, crisis cover, or even living insurance but Critical illness cover and critical illness insurance are the most popular. At one point in it’s history critical illness cover had very strict guidelines as to when it would payout but that has changed in recent years. Now it is a safe form of insurance that has strict guidelines that dictate when someone will or will not be paid out. A lot of insurance providers have expanded the number of conditions in order to be able to tap into a much larger customer base.
People get critical illness cover because their countries social and health insurance does not provide them with any coverage so they would have to pay for the affects of a serious illness on their own. Some citizens that live in countries with great health care still get these policies because it means they will get the best possible care, attention, and treatment that money can buy rather than just having the bare minimum.
There are other benefits with these policies as well. They include the fact that you will be covered for other things than just your medical expenses. There could be many repercussions from a critical illness that you can’t even think of. It could mean that your home has to be equipped so that you can get around or you may need special equipment to make you mobile. It really depends on the illness or disease that you might get but the possibilities are endless.
Want to find out more about critical illness coverage, then visit Jim Smithwick’s site on buying this form of cover for your all needs.
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