What illnesses are covered with life insurance?

Life insurance is a type of policy that pays out in the event of the death of the insured. Many people believe that life insurance alone will also protect them in the event that they are diagnosed with a critical illness. However, this is not the case. Actually, what one has to do is add critical illness coverage to their life insurance policy.

Life insurance with critical illness coverage will still pay out a lump sum amount to your listed beneficiary when you die. However, this type of life insurance coverage also pays out if you are diagnosed with a particular illness. The specific critic illnesses covered will vary between insurance companies. However, all critical illness cover will include stroke, cancer and heart attacks.

When the insured is diagnosed with a listed critical illness, they would then receive a lump sum of money from the insurance company. This money can be used to help with medical expenses or replace lost wages if the insurer is unable to work due to their diagnosis. For the critical illness cover to pay out, the diagnosis must be made by a doctor who is licensed to practice in countries specified by the insurance company.

Some common critical illnesses which will receive a payout include cancer, coronary artery by-pass surgery, heart attacks, kidney failure, major organ transplants, multiple sclerosis and strokes. There may be additional critical conditions on the policy. This might include medical diagnoses such as other heart surgeries include aorta graft surgery as well as heart valve replacement or repair. Loss of certain senses may be covered including blindness, deafness or loss of speech. Other areas covered by critical illness cover include benign brain tumors, comas, loss of limbs, motor neuron diseases, paralysis and Parkinson’s disease. Terminal illnesses as well as third degree burns are also usually listed as illnesses that receive coverage.

It is important when you compare life insurance policies that you also ask about adding critical illness cover if you want to also have coverage in the event of illness. This way you can be prepared for not only the end of your life but any serious medical conditions that might occur before you pass.