If you buy long term disability insurance, you stand prepared for the time when you are too sick or too injured to recover and return to work in a relatively short span of time. You have not prepared for the situation that would arise, if you were to develop a crucial illness. If you want to be ready to deal with that situation, then you ought to think about buying critical illness insurance.

What diseases are covered by such a policy?

Each policy is different. Somewhere on the policy’s pages, you should be able to find a list of the diseases covered.

What form does the coverage take, and when does it start?

When the policy holder gets diagnosed with a critical illness, the insurance company should be sent a completed application form. If the request satisfies all of the insurer’s conditions, then the ill policy holder should receive a lump sum of money. The coverage ends once the payment has been made.

What benefits get included in the coverage (the lump sum)?

That large amount of money includes compensation for the time when the ill person cannot work. It also includes money for treatment and medical expenses, such as those that arise from the purchase of equipment and medication.

Personal Injury Lawyer in Charlottetown understand that that large payment does not get sent to the policy holder until the conclusion of a survival period. The length of that period varies with the different policies. The average length of the survival period is 30 days.

Other significant facts about critical illness insurance

The person that has applied for such insurance must undergo a medical examination. In addition, the insurer assigns someone to study the applicant’s medical history.

These policies are not subject to offsets. That means that the benefit cannot be reduced if the recipient has received other benefits.

Steps to take before filing a claim:

• Read and study the policy.
• Collect all the relevant medical documents. That collection should include the doctor’s report, any test results, any images or X-rays taken and any receipts for the purchase of equipment or medication.
• Request an application and complete it; after sending it, await word about an interview.
• Provide the insurance company with all requested documents and other information. Be sure to keep a copy of each document.

Possible reasons for denial of coverage

• Your medical condition is not covered.
• Your doctor has not provided the insurer with a clear diagnosis.
• You have not provided the insurance company with an adequate amount of documentation.
• You do not have a critical illness; your condition is treatable.
• When you applied for the policy, you failed to disclose a pre-existing condition.
• You have failed to pay all of your premiums.