Procedure for taking out Critical Illness Insurance

How old are you? Not old enough to think about the multiple diseases, which may come your way after you have hit your middle age? Well, it is never too early to take an insurance against critical illness, which really may occur at any age. The first essential thing you need to do is read about critical illness insurance, which is a safeguard by the insurance company in the form of lump amount of money, in return for monthly payments. Critical Illness Insurance is one of the most famous forms of insurance taken out.

The first and the foremost step that you need to undertake includes going to a broker at a well-known insurance company. The broker will provide you with a critical illness insurance quote. You may go to various insurance companies and get different quotes. However, you have to choose such a critical illness insurance quote, which will provide you with the best price and the best protection against any form of critical illness.

If you are between 17 and 70 years of age, you can easily take out critical illness insurance. You may take it out for your entire life, or perhaps for a certain specified time. Sometimes, you can choose to pay insurance for as long as want to. However, after buying a policy, you need to wait for at least 3 months (known as the waiting time) before you can claim for the lump sum.

To take out critical illness insurance, you need to fill out a proposal form. The form asks for a number of personal details, some of which may include your monthly income, the members of your family, the types of illness that may run in your family such as diabetes. If there are chances of you getting more illness, then you may have to pay higher premiums against your critical illness insurance. Moreover, if you smoke or drink heavily, your premiums will be higher. You need to take into account the fact that you cannot lie, when you are filling out a critical illness insurance form, because that goes against the rules of insurance. Moreover, the insurance company will not pay you at the time of the claim, if they find out that you have lied during filling out the form. You also need to consider the fact that not all types of illness are taken into account. These include HIV/Aids, suicide attempt, and drug misuse being the most common ones. You may also be required to go through a medical by the insurance company so that they know every little details of your medical history before deciding on a premium for you against your critical illness insurance.

After you have sorted out the policy matters with your broker and filled out your form, you are ready to make your first payment for critical illness insurance. In just the same way as regular insurance, you are required to give monthly payments, known as premiums to the insurance company. Essentially, you need to get the best critical illness cover quote and fill out the form and pay out the premiums! These are the basic steps for taking out critical illness insurance.