Each Critical Illness May Have Its Own Assessment Period

Category: Finance, Insurance.

The survival period can be very important in a critical illness policy. To obtain payment from additional critical illness cover, it may be wise to make an agreement about a survival period.

So let s have a look at the survival period in detail. The survival period can be described as the time after which a critical illness occurs when the insurer cannot award the payout. Furthermore, many people who suffer from a critical illness, for example myocardial infarction, may hardly live throughout the survival period. Therefore, if the insured person passes away during this time, critical illness insurance may not award a payout. Thus the premiums to pay every month may depend upon the length of the survival period picked. But this may become practically impossible to do after the death of the insured.

Also, the survival period may be required so that a good assessment about the critical illness claim made could be carried out. At this moment, an autopsy may be needed but in most of the cases relatives may not agree with the idea. But the survival period may also differ according to certain illnesses. The survival period may usually vary from fifteen to thirty days after the occurrence of a critical illness. Sometimes, the survival period may even be ruled out if the critical illness had been due to an accident. On the other hand, if surgeries arise due to critical illness the insureds may have to bear the cost themselves. However, the survival period of a critical illness cover may demonstrate that it may in fact be a living benefit.

In this connection, the survival period may not play any role as the patient might either live or die during this time. This may then be joined to the critical illness cover therefore making the MME pay for the medical expenses while the critical illness insurance could pay for other factors. As a matter of fact, a major medical expense may be required in this case. In addition, benefits may not be awarded if the critical illness claim had not been reviewed properly. A neurological disorder of around 3 months must be confirmed for a critical illness such as stroke, as per the definitions. This is called the assessment period. Thus, such a claim could be acceptable only after three months have passed.

Each critical illness may have its own assessment period. Otherwise, if a permanent neurological deficit occurs before three months, critical illness insurance might then make a payout if the survival period has been crossed. This can be found in the definitions of the critical illnesses. Here are some common exclusions found on most critical illness covers. - Attempt to suicide or self inflicted injury. - Drug and alcohol addict. - HIV/ AIDS. Moreover, a critical illness cover may also contain exclusions. Most policies may stipulate the fact that a payment may not be made if the critical illness claimed for might result from those mentioned above.

If you are going to be a new buyer of a critical illness policy, you may take care to pay as much attention as you can to the different options you insurers might be offering you. However, if certain critical illness conditions of accidental character such as TPD, etc, loss of limbs. are included in the policy, the list of exclusions may be further extended to: - Aviation. - Hazardous sports and pastimes. - Civil war and commotion. Knowing your critical illness policy might definitely help you in the future.

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