Conditions of Cover
As with any insurance policy there are certain set policy rules that need to be met in order to be eligible to receive the payment. Firstly the policy will require a qualified doctor to give an official diagnosis that conforms to the rules specified by the contract. An example of this may be that the diagnosing doctor must be a specialist in the field of medicine the illness is classified as e.g. cancer. The policy may also require certain tests for specific illnesses to be carried out in order to authorise the payment.
Some policies have a required survival period from diagnosis. This means that there is a set time the patient should survive between first suffering and being diagnosed with the critical illness and their lump sum payout.
In order to protect patient rights and ensure that they receive their rightly deserved benefits there are insurance monitors that protect the individual. This has meant that there is now a standardisation of the necessary requirements to be fulfilled in order for a claim to be approved.
With Critical illness cover already a popular insurance product in places such as the UK, Ireland and Australia, it is fast growing in popularity in other countries such as America and the Far East. It certainly has been proven to bring a lot of peace of mind to people when they are going through a very difficult time of their lives.