Critical illness coverage is an important part of life insurance which benefits the policy holder, when in poor health condition. Life and Critical illness insurance covers the policy holder if diagnosed with life threatening illness, or life altering health conditions. Critical illness policy can be bought by anyone and undergoing a medical examination prior to signing up for a policy is required in most cases. Critical illness policy can work well when bundled with the standard life insurance policy, and can provide peace of mind to the insurer, because it provides protection when in poor health, unlike standard life insurance.
Critical illness cover is packed with many benefits for policy holders and their families. Unlike other types of coverage, the policy holder can be the prime beneficiary of this insurance policy, when diagnosed with any illness that is covered according to the policy. There is no restriction of how to use insurance amount, and the policy holder has the freedom to choose the way he or she spends the money. The critical illness coverage provides a lump sum amount which can help the policy holder in treatment options like surgery and other medications required to cure the illness.
Lifestyle changes and location changes can be facilitated with the amount received from the insurance policy. The policy holder need not be unemployed as in the case of dismemberment policy, in order to receive the insured amount. Critical illness can also cover injuries resulting from any circumstances, which can be life threatening in nature. It can also act as a substitute to health insurance for people who cannot afford health insurance, and would like to have protection for unforeseen circumstances.
Many of the treatments that are provided as a cure to critical illnesses are very expensive and although health insurance covers some part of it, the policy holder will have to pay some part of the bills through pocket. Bundling critical illness coverage along with health insurance policy will let the policy holder handle bills without additional stress of finances in traumatic times. This policy also comes with a premium return feature, where in, if the insurance policy is terminated due to any cause, the beneficiary gets the premium paid until that point as returns.
Critical illness polices get bets rates when they are bundled with standard insurance policies or other health insurance policies. Critical illness life insurance policies as standalone policies also cost less premium rates than other policies, since they cover only one segment of a standard life insurance policy. Internet is the best place to find competitive insurance quotes, where a thorough analysis of multiple quotes from different insurance companies can be done. Although an online application can be submitted, if the insurance company needs a thorough health examination, then the application procedure cannot be completed without attaching the medical reports. Purchasing the policy from a company where the policy holder already has a standard insurance policy may reduce the premium rates. Many corporations offer critical illness insurance as group polices to all employers. Group insurance policies through organizations have special premium rates and added benefits of extending the coverage to include other polices.