This May Therefore Lead To Many Critical Illness Cover Sales

Category: Finance, Insurance.

Critical illness insurance made its first apparition in South Africa in 1983 and was known as dread disease insurance.

These cancer policies may be considered as the foundation of critical illness insurance. Before 1983, policies having the name cancer policy may have been sold in the USA providing cover for certain types of cancer. Gradually, critical illness insurance went worldwide and nowadays plays an important role in markets such as UK, East Asia, Canada, Israel, etc. Almost all critical illness policies offer cover for cancer, heart attack, stroke, kidney failure and coronary artery bypass surgery. Critical illness insurance may award a tax free lump sum if the insured person is diagnosed with one of the critical illness conditions defined by the policy. While some insurance companies may cover only seven or eight critical illness conditions, others may offer cover for up to 35 diseases. The financial support may as a matter of fact help to manage a changed lifestyle.

Critical illness insurance may help someone cope with the financial imbalance especially after diagnosis of a life threatening illness. Critical illness insurance was called dread disease insurance long ago in South Africa. However, critical illness insurance may be preferably referred as crisis cover, trauma cover or living insurance. The term being too strong and unsuitable for many markets as well as marketing purposes, made many companies refrain from applying its usage. The rules which stipulate that critical illness cover must cover only severe conditions may no longer apply. Insurers therefore tend to provide a wider choice of critical illnesses covered under their critical illness plans.

It may also be used as a means for financial security against numerous critical illness conditions. By doing so, they hope to target a wider audience and also to compete effectively in the insurance market. A critical illness can imply high costs for treatment purposes. Moreover, critical illness insurance may be useful to people who have social insurance that does not pay big to cater for a serious illness. As a matter of fact, critical illness cover may be mostly wanted in countries where the state social security systems are inadequate. The reason may be because everyone wants to get the best medical care and treatments. Even if a good health security system exists many people may still want critical illness insurance.

Thus, critical illness insurance payout will allow them to do that either in a renowned clinic or overseas. The aftermath of a critical illness may sometimes be considerable. Furthermore, the additional benefits in the form of critical illness insurance may not necessarily mean paying for medical charges. The house or living environment may have to be altered to accommodate the life a disabled person. Also, after enduring a critical illness, in most of the cases a person becomes unable to attend work. A car can also become an important factor as a mean for facilitating mobility needs. Critical illness insurance payout can once more stabilise financial pressure by settling debts or mortgage.

By doing so, a much friendly approach may be created while confidence over the product may arise. Critical illness insurance policy may be presented in a professional manner to the client providing him with every information that he needs. This may therefore lead to many critical illness cover sales.

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