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Benefits of Life and Critical Illness Cover

By Alston Calvex Subscribe to RSS | July 7th 2012 | Views:

In the event of a critical illness or death, your spouse or family may experience financial hardship. Life and critical illness cover helps to replace the lost income when a key earning member of the family is critically ill or dies.

What is life insurance with critical illness cover?

You can buy a separate life insurance or critical illness insurance policy or you can opt for a life insurance policy with a critical illness cover. A standard life insurance policy assures payment of a lump sum amount to the nominee of the policyholder when the policyholder dies. In case of critical illness insurance, the policyholder receives a lump sum amount when a critical illness is diagnosed. By opting for a life insurance policy with critical illness cover, you enjoy the benefits of life insurance and critical illness insurance at the same time. By purchasing this life insurance product, you will receive the entire insured amount when you are critically ill. In case of separate critical illness insurance, the policyholder or his/her nominee can claim the insured amount only if the policyholder survives for a specified number of days, also known as the survival period, after the disease is diagnosed. If critical illness is covered by your life insurance policy, your nominee will receive the insured amount even if death occurs within the survival period.

Advantages of Llife And Critical Illness Cover

There are myriads of benefits of purchasing this insurance product. The financial hardship that your family is likely to experience when you are critically ill can be resolved to some extent by purchasing critical illness insurance. Although several terms of this policy may overlap with a medical insurance policy, there are several differences between the two products. While your medical insurance provider only reimburses your medical bill, which is usually less than the insured amount, your critical illness insurance provider will pay the entire insured amount.

The lump sum amount that a critically ill policyholder receives will help him/her to fund the recuperative expenses that are not covered by the medical insurance plan. In addition to paying the medical bills during illnesses, the fixed amount that the policyholder is likely to receive after diagnosis will help to compensate any loss of income that occurs during the illness or during the recovery period. Life insurance products with critical insurance cover are recommended for people who are required to clear a mortgage debt. The product is structured to ease payment of outstanding debt during illnesses or after death.

Alston Calvex - About Author:
When you decide to take some critical illness insurance cover out, choose only the best insurance providers who gives you the right rate for life and critical illness cover and critical illness cover that meets your requirements.

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