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Mike Armstrong - ArticlesFor more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.
The Use of Critical Illness InsuranceCritical illness insurance made its first apparition in South Africa in 1983 and was known as dread disease insurance. Before 1983, policies having the name cancer policy may have been sold in the USA providing cover for certain types of cancer. These cancer policies may be considered as the foundation of critical illness insurance. Gradually, critical illness insurance went worldwide and nowadays plays an important role in markets such as UK, Canada, East Asia, Israel, etc. Some Conditions That Apply to Critical Illness InsuranceCritical illness insurance may sometimes surprise us with some cases, in this case, antiselection. For example, people already suffering from a critical illness may have applied for a critical illness policy without making their insurers aware of the disease. But precautions can be taken against such cases. In fact the policy documents may contain a section named as the waiting period. The waiting period may vary according to the critical illness conditions and can be between two to six months. Looking at Critical Illness Claims Statistics to Determine the Insurer of your Choice Can be UnwisePeople have been made aware by experts in the insurance industry not to take out critical illness insurance with a company based upon its proportion of critical illness claims it pays out. The figure might give a wrong impression. The impact can affect you directly if the critical illness insurance is not as effective. John Greenwood affirmed that some companies tend to show how much critical illness claims they may have paid in contrast to others. Critical Illness Insurance Developments and StatisticsStandard Life one of the most famous insurance companies in the UK had revealed its reports for the year 2005. Around 82 percent of critical illness claims may have been successfully paid since the year 2005 by Standard Life. These claims may have a reached a total of around GBP 20 million. Compared to the year 2004, only around 80 percent of critical illness claims could have been paid. What Can Critical Illness Cover be Used For?Critical illness insurance may sometimes be confused with private medical insurance. Private medical insurance may pay for the treatment procedures in the event of a critical illness. Critical illness cover is also separate from income protection. Income protection insurance pays out usually in case of lost of work due to accident or illness. The payment may last until 1 year. Let’s have a look at what can critical illness be used for. Figures and Facts Related to Critical Illness CoverCritical illness cover is believed to be one of the most rapidly growing insurance policies in the UK. In the year 2002, around 1 million critical illness policies may have been sold in the UK. Medical improvements have made it possible for certain people to survive a critical illness. For example, cancer or strokes which may be the most common diseases in the UK. Some people might live normally after undergoing treatment for a certain critical illness. Claim Rates and Development of Critical Illness in East AsiaThere had been various causes of critical illness in East Asia. As in other countries, probably the most common cause for critical illness in East Asia can be considered as cancer. A critical illness such as cancer may have brought around 77 percent of claims concerning men as in other Asian markets. Furthermore, heart attack and renal failure may have brought a handful of casualties with only around 7 percent of claims each. Critical Illness Insurance in the East Asian Insurance MarketCritical illness insurance in the East Asian market had also been a success. East Asia cannot be considered as a single market for critical illness insurance. Other countries like Malaysia, Hong Kong, Singapore and Taiwan all form part of the East Asian insurance industry. Critical illness insurance was brought in East Asia during the year 1988. Since then it has been a success. Nearly all companies have critical illness related policies in their profiles. A Downfall in Critical Illness Insurance in South AfricaThe critical illness insurance market in South Africa may have been a significant one in the history of critical illness insurance. Critical illness insurance had been an origin of South Africa and was gradually propagated around the world. Nowadays, critical illness cover can be considered as one of the most sought insurance policies worldwide. According to Munich Re, 2000, the extent of life policies accelerated with critical illness may have been in decrease these days. Figures About Critical Illness Cover in South Africa From 1984 to 1994Since its appearance in South Africa during the year 1984, critical illness insurance had evolved considerably. Critical illness insurance may more likely play an important role in the insurance market nowadays. The number of critical illness conditions covered had gradually increased down the years. People can now benefit from a critical illness insurance policy that is more effective than that of years ago.
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