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What are my chances of suffering a critical illness?
Critical Illness insurance helping young and old with osteoporosis
Critical Illness Insurance
Critical illness insurance, also known as trauma insurance pays the insured a lump sum should they suffer from a major condition or critical illness. The top three critical illnesses that are claimed from this type of policy include cancer, heart disease and stroke.
When is a critical illness claim paid?
A critical illness insurance claim is paid when the diagnosis of the critical illness (as defined in the policy) is confirmed. You also need to survive for at least 14 days before a claim can be made (this does range between life insurance companies but generally speaking the length of time is 14 days). This is paid as a lump sum, or as a partial payment depending on the terms of your critical illness policy and the critical illness or condition suffered.
What a critical illness insurance payout can be used for
Critical illness insurance is primarily designed to help cover costs associated with medical treatment for the critical illness or trauma suffered. However there is no rule on how you should spend a critical illness payment. You may choose to also use the funds to pay for living expenses, additional alternative medicine, debts, or a housekeeper or nanny.
Additional extras for critical illness insurance
Some critical illness policies also include a plus or additional cover for early stage cancers (such as early stages of breast cancer or melanomas) or other lesser medical events. These are essentially covering you for more conditions than the standard trauma insurance policies. It is well worth considering taking up the additional ‘plus’ option which does cost more, however it does offer far greater coverage and peace of mind. Contact xLife for your free critical illness quotes or trauma insurance quotes.
Exclusive Offer! Call xLife on 1300 135 205 today and
save up to 20% on your first year’s trauma insurance premium
December 2009
