In This Case, Combined Critical Illness Can Be Useful

We are all conscious of our health and many of us will suffer one form of illness or another in our lifetime. While some buy life insurance policies, others buy critical illness policies because these policies offer different benefits.

As a result, more and more people are buying a critical illness insurance policy. We will look at critical illness insurance in more details. Others consider having a standalone critical illness insurance. Some people also buy a combined critical illness policy with life insurance. Let's see the variation between these two. The effect of a critical illness can either render the person permanently disabled or make him take a lot of time to recuperate. A combined critical illness cover will provide benefits if the insured person happens to die or to suffer from a critical illness.

In this case, combined critical illness can be useful. On the other hand buying a standalone critical illness insurance will pay benefits only if the insured person happens to be diagnosed with a severe critical illness. The lump sum could be used to alleviate financial insecurity at home as well as lessen the pressure on members of the family. As seen above, the combined insurance would pay in both cases. Therefore the premiums tend to be lower as compared to the standalone policy. Thus many people tend to choose the combined critical illness policy. However a standalone critical illness policy can be valuable to you and your family.

With a standalone critical illness cover, you could even specify the maximum amount of time you want the cover for or how much cover you want. You could pay for your medical charges or otherwise change your living environment to match your changing needs. Let's say if you have a mortgage to pay over 20 years, you could choose a critical illness cover for 20 years. The possible reason behind is that they look at your medical history. In case of a claim, normally most critical illness insurance companies take about 28 days to 3 months to award the lump sum. If the critical illness you are suffering from is clearly covered by the policy they will award you the payout without problem.

It is important to compare quotes and companies to find the best critical illness cover deal you can. Therefore you should read the terms and conditions carefully before you sign the standalone critical illness policy. It is imperative that you look at the fine print carefully. You could find your claim refused when you are in a state you mostly need care if you fail to disclose any medical condition. Look at the exclusion clauses.