Critical Illness Claims – The Need To Look Beyond Claims Pay Out Statistics

In the past the Critical Illness Insurance market was plagued by stories of policies, not paying out, and very low claims percentages. Over the recent some years there has been a sudden upward shift in the percentage of claims received being paid out.

Statistics released for 2020 and the first half of 2021 reveal. Most insurance providers are now paying out in excess of 90% of all claims. Reasons for this skyward movement include regulatory changes. Simply put, claims for non-disclosure can be rejected only in a situation. If the non-disclosure actually relates to the illness being claimed for.

Making Illness Claims The Process To Be Followed

In order for making illness claims with Critical Ill companies. The recipients are normally required to mail in receipts, pertaining to medical proofs and the claim form itself. The policies come with validity in all instances. Providing that following your prognosis you received a report that you have 14 to 28 days to survive.

Once the company has accepted and evidence is clear that you are really the policyholder you were born on the said date. And that you have received medical treatment from a specialist in the field of your condition. Finally, after all, verifications are complete, you will receive a large lump tax-free sum of cash.

Am I Allowed To Work Still, or Do I Want to Stop Work After Filing A Claim?

When illness attacks, the patient has to stop working. Or the patient can work for some hours. Once the patient receives, the lump sum through the cover policy the money is for you exclusively. And, if you keep working, it will not affect your claim.

Statistics show that 35 percent of men and around 50% of women are increasingly contracting cancers, and just live for about 5 years. Although the statistics reveal further, that 1 in 6 women will endure Chronic Ill. And that 1 of 5 men will undergo Chronic Ill that will result in them giving up work. So, Critical Illness Claims coverage is vital, considering that if these statistics are accurate. Then debtors are in the making in case coverage is unavailable.

This will worsen the already existing problem and while you can work after filing a claim; there is no surety of how long that work will last.

Combined Life Insurance Coverage & Critical Illness Policy Is More Prudent

It is wise to combine Life Insurance Coverage with a Critical Illness Policy. The combined cover will provide for adequate coverage when a person becomes ill. While Critical Illness Coverage will normally cover major diseases. Life Insurance can offer a remedy when the illness is not lingering.

As, new medical developments are in progress, creating solutions for cancer treatment, AIDS, and additional terminal illnesses. It is premature to tell which plan could most benefit us in case we fall seriously ill.

In simple words, if you have a terminal illness and treatments are made available. You never know if Critical Illness plans will work in the alike manner. As, we can never tell, so we should also know more about Life Insurance policies; and what the policies are going to cover.

The Nutshell

In a nutshell, health is important, because all of us need good health to function properly in our daily lives. Besides, at any given time any one of us could have to face the nasty illnesses that plague our lives on a daily basis. Having said that, if you have proper coverage now. Later when you file critical illness claims, the money will be provided for when you are in need.