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critical illness coverage

Critical illness coverage is a type of insurance that provides a lump-sum payment if the policyholder is diagnosed with a specified critical illness. The coverage is designed to help individuals cope with the financial burden associated with expensive medical treatments, loss of income, or lifestyle adjustments during a critical illness.

The detailed list of illnesses covered can vary depending on the insurance policy and provider. However, common critical illnesses typically covered include:

  1. Cancer
  2. Heart attack
  3. Stroke
  4. Kidney failure
  5. Major organ transplant
  6. Multiple sclerosis
  7. Parkinson’s disease
  8. Alzheimer’s disease
  1. Paralysis
  2. Blindness
  3. Deafness
  4. Coma
  5. Loss of limbs
  6. Major burns
  7. Aplastic anemia
  8. HIV/AIDS (in some policies)

Premium loading refers to an additional premium charged by insurance companies for individuals who are considered to have higher risk factors. Factors such as age, pre-existing medical conditions, family medical history, and lifestyle choices can contribute to premium loading. Insurers may charge a higher premium to offset the increased likelihood of a claim being made.

Insurance companies may exclude certain critical illness coverage for some applicants due to pre-existing medical conditions or higher risk factors. These exclusions help mitigate the insurer’s risk and keep premiums affordable for a broader range of applicants. The specific exclusions can vary between insurers and policies.

To appeal against premium loading or the exclusion of critical illness coverage, it is advisable to directly contact the insurance company or agent. The appeal process typically involves providing additional medical information, presenting evidence of improved health, or seeking a medical opinion to challenge the insurer’s decision. It’s important to note that the success of an appeal may vary depending on individual circumstances and the insurer’s policies.

If you have any questions on critical illness coverage, or you have your insurance quotes having premium loading or exclusion, feel free to contact us. We will advise you on your next steps in getting adequate and appropriate insurance coverage for you and your family.

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