When you are first our and on your own there are several decisions you are going to have to make for yourself. One of the most important decisions you will have to make for yourself has to do about your insurance coverage. The common wisdom is that we all need insurance coverage but just how much is enough? What is the bare minimum for coverage that you could need? What about catastrophic instances or critical illnesses? All of these things should be known before you decide to buy your first insurance policy.
Insurance Policies for First Time Buyers: What you need to know? Critical Illness Insurance: Your critical illness coverage is what you need to be sure that you survive any type of a critical illness. Because more and more of us are surviving, recovering, and returning to productive lives following critical illnesses it’s vital that you be sure you get the best type of coverage possible for you and your family. Who’s going to look after your family or your estate if and when a critical illness overtakes you? It can happen at any time and it only gets more likely as you age so it’s important to lock in rates and coverage when you’re young.
Insurance Policies for First Time Buyers: What you need to know? What Is Covered: In order for a policy to call itself ‘critical illness’ coverage there are certain things which need to be covered. Cancer (typically later, more advanced stages), severe heart attacks, and strokes which cause permanent symptoms. Most of the critical illness policies will also cover things like coronary bypass, kidney failure and different types of major organ transplants. Multiple Sclerosis is also typically covered. You can also get critical illness coverage for things which cause permanent loss of sight, hearing or another type of disability which prevents you from working. Be sure to be informed as to what your policy covers and what it doesn’t.
Insurance Policies for First Time Buyers: What you need to know? What Isn’t Covered: Of course for everything that is covered for your insurance policy there are things which are not covered. You are generally not covered for things which are not ‘sufficiently severe,’ even milder forms of cancer. Also things which are diagnosed after a certain age such as Alzheimer’s disease if you are of an advanced numerical age. Insurance policies also generally don’t cover things which are self-inflicted, alcohol or drug abuse, claims which result when flying a personal aircraft, injuries which result from hazardous pastimes, claims resulting from war or protesting, when reasonable medical advice is not followed, and even some types of HIV or AIDS related illnesses.
Insurance Policies for First Time Buyers: What you need to know? When You’d Need It: You could need critical illness insurance policies at any point; that is the thing which is so frightening about the prospects of critical illnesses. For the most part critical illness policies also do not pay out if you die immediately after being diagnosed with the illness. There is a survival period of typically 28 days which needs to be met before your policy pays out.
Insurance Policies for First Time Buyers: What you need to know? How Likely Are You to Make Critical Claim: Just because you don’t have a history of things like cancer or other critical illnesses in your family that doesn’t mean you shouldn’t get coverage. If you are going to get a policy it’s always wise to shop around with an insurance professional. How valuable is your life? The Insurance Service is here to help!