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Critical Illness Cover As It Should Be
By :
Mike Armstrong
For some time, there may have been some analysis regarding claims on critical illness products. Figures may not be as accurate so that a sound study could be made about the rate at which people made critical illness claims. However, results were managed to be shown. The critical illness risk over a general population quantity was derived. Therefore this result was compared with the expected results which could have shown more or less the critical illness incidence rate statistics.
Knowing Certain Structures Of A Critical Illness Policy
By :
Mike Armstrong
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.
Critical illness cover - for the better or for the worse?
By :
Mike Armstrong
As one grows older, the risk of antiselection grows accordingly. Therefore, this risk may not be completely eliminated even if alternate measures are used at the moment of underwriting. The age at entry for a critical illness cover may range between 55 to 65. Thus, a suitable late age to take out critical illness cover may be 55 years. The fact remains that a critical illness cover may terminate at the age of 65.
Some Underlying Factors Of Critical Illness Insurance
By :
Mike Armstrong
Another alternative to account for the fact that more and more critical illness conditions may be included in the critical illness policy is to add TPD (Total and Permanent Disability) as benefit triggers. Loss of Independent Existence (LIE) could also be added.
Various Aspects Of Critical Illness Cover- Part 3
By :
Mike Armstrong
In part 2 of this article we looked at the critical illness definition recommended by Munich Re. We will now see the critical illness definition accepted by Munich Re.
Life Insurance - Do You Really Need It?
By :
Andrew Chan
Life insurance is one important area you should pay a lot of attention to, as part of personal financial planning. Lots of folks simply ignore this, but it really should be never be overlooked. Do not ignore this area - for it could mean financial disasters for you.
Spin a Big Web to Get More Life Insurance Leads
By :
Dean Cipriano
The reason that you see more spider webs in the winter is because there are fewer bugs for them to catch. The spiders have to work harder to get the same results they were getting in the summer. This natural phenomenon reminds me of my business.
Various Aspects Of Critical Illness Cover- Part 2
By :
Mike Armstrong
The complexity of critical illness cover may give rise to different aspects. One aspect may be the reinstatement of life cover (buy back option). The buy back option may become useful if used under a prepayment critical illness policy. This could help the insured person accumulate enough funds for a death benefit gradually after a critical illness claim is made.
Various Aspects Of Critical Illness Cover-Part 1
By :
Mike Armstrong
There is another aspect of critical illness insurance that must however be considered, the additional payment. If you have dependants and feel that the payout will not be enough after a critical illness benefit is obtained, you may go for the additional payment. Additional payment is like a prepayment benefit that may allow the whole sum on your main policy to remain intact while a critical illness benefit is paid.
Critical Illness Cover- Acceleration Benefit V/S Standalone Benefit Rider
By :
Mike Armstrong
Critical illness insurance may appear in different forms. Let’s have a look at acceleration benefit and standalone benefit rider.
Things To Know About Critical Illness Insurance
By :
Mike Armstrong
Critical illness insurance tends to often take the form of a rider. For example, critical illness related life policy. Critical illness cover may also be combined with term or endowment both being the underlying or main policies. On the other hand, standalone critical illness cover may have become less important and lest looked for. However, it may still be offered by a minimum of companies and markets around the world.
The Use Of Critical Illness Insurance
By :
Mike Armstrong
Critical 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 Insurance
By :
Mike Armstrong
Critical 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 Unwise
By :
Mike Armstrong
People 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 Statistics
By :
Mike Armstrong
Standard 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.
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