When it comes to purchasing life insurance, there are many different things you have to consider. The price of the policy, what it covers, and the type of coverage are all very important factors. Another factor is critical illness http://giblinandcombslaw.com insurance. This is often an extra feature of some insurances that is optional, but is it a good option? That’s the question. There are some obvious benefits to adding critical illness insurance to your policy, but there are also some reasons you may want to pass on it. Either way, you should make certain that you are completely informed about the insurance before making a decision.
Basically, critical illness insurance is a policy that comes into play if you come http://stringerdivorcelaw.com down with a life-threatening illness. What constitutes a life-threatening illness is defined by the policy and is different for each insurance company. Some have a very short list of illnesses, while others cover up to 30 diseases or more. When you become unable to work due to one of these illnesses, the policy will pay out. Some of these policies pay over a period of time, but many of them pay out a one-time lump sum that is generally tax-free. You are free to use this lump sum to pay for medical procedures not covered by your medical insurance and to handle bills and financial obligations such as your house payment, utilities, etc.
The most obvious benefit is that you get an immediate payout. This means you won’t have to worry about meeting your monthly financial obligations. You may even be able to use the sum to pay off your mortgage or vehicle, thus removing a potential financial obligation from your surviving family members in the event of your death. Your family will also have the finances to handle your funeral arrangements and the various expenses that come with death, something that can put a major financial strain on people.
On http://tpalawfirm.com the downside, there is the fact that critical illness insurance is an additional cost. If you already have high month-to-month living expenses, it may be difficult to add another type of coverage to your insurance. It’s also possible that your premiums will increase at some point, especially if you start smoking or if you are determined to be overweight. If you’re already in poor health, in fact, you may not be able to get critical illness insurance at all.
Another factor is that those who have a pre-existing medical condition may have that condition specifically excluded from their critical illness policy. Others may have conditions excluded based on the fact that close family members suffer from that condition or the fact that their family has a medical history of the disease. Some critical illness insurance policies have also started excluding certain diseases like basic cases of prostate cancer or some types of skin cancers. This is why it is very important to read every condition and exclusion in the policy before you pay for it. While critical illness insurance can be a life-saver in some situations, in others, it is simply another financial commitment that may not actually help you that much.
By: Patrick G Huddlestone
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Graham S Doyle writes for Theidol.com. The company work with the UK’s major insurers and strive to find the best life insurance deals available. Visit the company’s website at www.theidol.com to compare insurance policies instantly.