A sudden onset of a crippling disease can leave you temporarily handicapped, to ensure your financial well-being in such a situation you should consider getting critical illness insurance. In today's world, a debilitating affliction can result in huge financial loss, first because if you are bedridden the flow of income stops, and secondly, long drawn out treatments can incur massive costs.

Critical illness insurance can give you sometimes vital financial aid in crunch times like these. If ever, you are in a position where you find yourself diagnosed with a critical illness, you will get a lump sum of money, tax-free to tide you over your hard times. However, there is a procedure to safeguard against unlawful claims but if your case is genuine; this insurance can be a huge help.

Critical Illness Insurance Cover

Under critical illness insurance cover, you get cover for a number of diseases listed as critical illnesses. Seven core categories are present in almost all policies. These are the following:

• Heart attack

• Coronary artery bypass

• Multiple sclerosis

• Cancer

• Major organ transplant

• Kidney failure

• Stroke

Other diseases and conditions that lead to disability are also in present in the policy.

To tighten the insurance claims the companies do not cover all categories in the above illnesses such as non-invasive skin cancer and cardiac conditions like angina. In case of cardiac problems, an ECG (Electro Cardiogram) will be necessary to prove changes in the heart or proof of typical chest pain to validate the claim.

Once the necessary proof is there, the insurance company will agree to release the payment. There is, however, a clause which states that the patient should survive for a certain amount of time before they release the payment, so it takes anything between 28-30 days to get the payment. In case of paralysis, it takes much longer as it takes more time to ascertain the paralysis. They release the payment in case of paralysis in about six months to one year.

Benefits Of The Insurance

Once you have the money you can do anything you want with it. Pay off your mortgage, pay the medical bills and even redecorate the house. This lump sum of tax-free money is absolutely yours.

The benefits to a family person with dependants or even in a relationship are far greater. In case you have dependants, this money will help you out tremendously as you can fall upon it and thus have a healthy and full recovery without bothering about the payments and other financial aspects. Similarly as in a family, if you are a couple the money will help you and your partner avoid the stress of wondering where the money is going to come from and give you a peace of mind that is necessary to rehabilitate from a critical illness. Critical illness insurance in this way protects your family.

If you do go in for critical illness insurance, be wise in deciding the policy and choose the right insurers. Be completely honest and truthful about your medical history when they question you about it, and be sure to be clear on what your policy covers and does not cover.