What is Critical Illness and Buying It?
No one wants to slip into a financial crunch on getting engulfed by critical illness. These illnesses do not alarm before creating a menace in your life. In this regard, critical illness insurance is the perfect way to deal with the problem. This kind of policy provides coverage against fatal diseases like cancer, renal failure, liver transplant, and many more. Basically, the reparation is given in a lump-sum amount after diagnosing the type of illness covered in the insurance plan. The lump-sum amount given to the insured person can be used for clearing existing mortgage or financially securing family members. Indeed, some of the cases have a survival period of about 30 days and you can get the claim after the completion of that time slot.
Why Do You Need Critical Illness Policy? Medical illness is one such problem that can yield huge expenses in the treatment. And many people might not be able to afford medical expenditures. Moreover, the surging medical costs for critical diseases go in thousands and millions of pounds. This is the reason that taking critical illness policy is becoming highly mandatory. With this policy you can protect your liabilities. Once the insured is diagnosed with one of the mentioned critical diseases, the insurance company pays a lump sum to the policy holder which helps them pay off their liabilities.