Download - Critical illness cover – additional benefits
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Critical illness cover – Additional benefits
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When first buying critical illness insurance there are a number of additional options available that help to boost your original cover;
one of which is the buyback opportunity.
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This buyback option.
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This buyback option will allow you to top up your original critical illness
cover in the event that you ever have to make a claim.
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To be eligible to use this benefit you have to be under the age of 60,
however if you do make a claim and posses this add on then the provider
will have no choice but to accept your claim and reward your
benefits.
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With traditional life insurance providers, before you are able to
use your buy back option you must first meet certain criteria.
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For example if you suffer from a heart attack, primarily your doctors
or surgeons will have to be contacted in order to obtain your
medical status.
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Before any buyback benefit can be received, there must be sufficient proof that a full year has passed
with no reoccurrence of any symptoms of your original illness.
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This option to top up your policy also must be taken within 5 years of
your original claim.
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Also know as reinstatement cover by some insurance providers, this
form of top up benefit can be a great advantage.
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Customers should also be aware that different insurance providers
may call this product something else or offer it in a different way,
applicants should therefore be aware of what they are being
offered.
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Traditionally, this reinstatement benefit will cover a number of
illnesses; however this will not be as comprehensive as your original policy and will often exclude the illness you have suffered from.
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However, in recent years the insurance provider Prudential have
updated this product and dramatically improved the service
offered.
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Within PruProtects “Serious Illness Cover”, which covers three times
more illnesses than traditional critical illness cover, a Minimum protection account is available.
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This Minimum Protected account takes into consideration that, due to
medical advances, the chances of suffering more than one critical
illness and surviving has dramatically increased; the need for increased
protection is therefore vital.
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Unlike traditional buy back policies, PruProtects Minimum Protected account can pay out up to three
times, and most importantly it can pay out more than once for the
same illness.
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In addition to this, once a claim is rewarded, the Minimum Protected
account requires no further medicals, under writing, and no
change in premium; as well as this the critical illness you suffered from
will not be excluded.
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Although traditional critical illness polices do offer additional benefits,
those offered under PruProtects serious illness cover are far more advanced and offer customers a
more comprehensive plan.
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Critical illness cover – Additional benefits