Knowing Certain Structures of a Critical Illness Policy

The survival period can be very important in a critical illness policy. So let’s have a look at the survival period in detail. To obtain payment from additional critical illness cover, it may be wise to make an agreement about a survival period. The survival period can be described as the time after which a critical illness occurs when the insurer cannot award the payout. Therefore, if the insured person passes away during this time, critical illness insurance may not award a payout.

Furthermore, many people who suffer from a critical illness, for example myocardial infarction, may hardly live throughout the survival period. Thus the premiums to pay every month may depend upon the length of the survival period picked. Also, the survival period may be required so that a good assessment about the critical illness claim made could be carried out. But this may become practically impossible to do after the death of the insured. At this moment, an autopsy may be needed but in most of the cases relatives may not agree with the idea.

The survival period may usually vary from fifteen to thirty days after the occurrence of a critical illness. But the survival period may also differ according to certain illnesses. Sometimes, the survival period may even be ruled out if the critical illness had been due to an accident. However, the survival period of a critical illness cover may demonstrate that it may in fact be a living benefit. On the other hand, if surgeries arise due to critical illness the insureds may have to bear the cost themselves. In this connection, the survival period may not play any role as the patient might either live or die during this time. As a matter of fact, a major medical expense may be required in this case. 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.

In addition, benefits may not be awarded if the critical illness claim had not been reviewed properly. This is called the assessment period. A neurological disorder of around 3 months must be confirmed for a critical illness such as stroke, as per the definitions. Thus, such a claim could be acceptable only after three months have passed. 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. Each critical illness may have its own assessment period. This can be found in the definitions of the critical illnesses.

Moreover, a critical illness cover may also contain exclusions. Here are some common exclusions found on most critical illness covers.

- Attempt to suicide or self inflicted injury
- Drug and alcohol addict
- HIV/AIDS

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. However, if certain critical illness conditions of accidental character such as TPD, loss of limbs, etc. are included in the policy, the list of exclusions may be further extended to:

- Aviation
- Hazardous sports and pastimes
- Civil war and commotion

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. Knowing your critical illness policy might definitely help you in the future.