WHAT IS CRITICAL ILLNESS COVER?
Critical Illness Cover insures you for a loss of income whilst you recuperate from a critical illness. Or it could be a serious incident. Either way, it must be considered critical.
More specifically, it’s regarded as a ‘living benefit’. Critical Illness Cover is there to aid any additional medical treatment you might need to help you recover.
This includes renovations to your home. You could require wheelchair access, for example, or the installation of a downstairs bathroom.
It’s worth noting that what’s defined as ‘critical’ changes from one provider to the next. Indeed, to some, the term ‘critical’ means impending death.
To others, however, it means seriously ill.
Cancer, heart attack, or stroke are usually covered under Critical Illness Cover. However, the terms for provision aren’t always the same. Which is where our help proves invaluable.
WHY CHOOSE VMIS
In this industry, some insurance isn’t what it seems.
We are experts and have a deep knowledge of what’s considered a critical illness between providers. We understand the small print and things not even in the small print.
For example, you’ll likely be aware of Troponin. The heart releases it into the blood following an attack.
Therefore, if someone has a high level of Troponin in their blood, we can safely say they’ve had a heart attack.
But some policies won’t pay if a certain level of Troponin isn’t in the blood at the time of the test being taken.
Of course, Troponin peaks and trails off. So, it’s an unfair measure. Because you may have a blood test taken long after the attack itself.
Imagine you’re the victim of a heart attack and have your blood test a few hours late. Your Troponin levels could have tailed off, so you won’t fit the criteria to claim successfully.
Clearly this is disingenuous. And some providers have reacted accordingly. They’ve improved their conditions, so if a health professional says you’ve had a heart attack, they will pay out. We know who they are.
Another example is the loss of limbs. Let’s say it happened as a result from diabetes complications or a car accident. If you lose a leg and don’t have an up-to-date policy, you may not get paid. Old policies will often state two limbs would need to be lost before you received any pay-out.
The loss of two limbs is a tragic circumstance, which constitutes only a fraction of the total number of amputation cases.
Then think about the provision of care or rehab. Or counselling, bereavement, or physio. There are so many areas that may or may not be covered under the terms of your Critical Illness Cover. If you’re not an insurance professional, trying to ascertain what’s going on can be exhausting.
Additionally, you may already have cover, but what are you eligible for? Most of our clients have realised they don’t have cover for what they thought they did.
Imagine if they’d found out too late…
Another key area to look out for with Critical Illness Cover is the type of financial loss each type of cover protects against. Who receives money in the event? And when will the pay-out be? When it’s most needed?
You’d hope so…but this isn’t always the case.