Critical Illness Insurance

Critical illness insurance provides insurance to the insured against any defined critical illness disease mentioned in the policy. The policies do offer life and critical illness coverage combined. Not all the insurance coverage covers all the critical illness conditions, however, the guideline in the industry say that if you have to call yourself a critical illness insurance company you have to cover,

  • Cancer- it should cover only the advanced cases of cancer
  • A severe case of heart attack
  • If stroke causes permanent symptoms in the patient

However, most of the policies cover for more of the critical conditions than just the above three. The basic plans for critical illness insurance also cover for major organ transplants, coronary bypass surgery, kidney failure and multiple sclerosis. If you take up some of the comprehensive plans it may cover some of the serious conditions which include permanent loss of hearing, loss of sight or any kind of permanent of disability. Some of the critical illness insurance policies do cover for the loss of limb.

Before taking up critical illness insurance one should know that not all critical illnesses will be covered and only those mentioned in the policy or the disease which qualify as critical as per the definition in the policy will be covered. It means that even some form of cancers which do not qualify as severe will not be covered. Some of the disease condition as per the policy may not be covered if you have reached certain age. For example, Alzheimer’s disease won’t be covered for people in whom it has been diagnosed after the age of 60.

A few other conditions which will not be covered by most of the critical illness insurance include:

  • Any injury caused by the self
  • Use of drugs or alcohol
  • If you flying privately, means for normal passenger flights it will be covered
  • If you are hurt while engaging in dangerous sports or any such kind of time pass
  • HIV is also not covered by most of the policies until unless it has contracted due to blood transfusion or due to any kind of physical assault. It may be covered if HIV was due to working at an emergency service, armed forces or any medical profession.

Only a few policies payout as soon as a disease is diagnosed and most of them require the insured to survive for 28 days with the disease.