Next time you get a life insurance quote, you'll be delighted to hear that you can also take out critical-illness cover at no, or next-to-no, extra cost. If you are diagnosed with a listed critical illness within an agreed time period, your life insurance will pay you a lump sum that you can use to pay the bills or maybe adapt your home if need be. Remember that when you call for your life-insurance quote, critical-illness cover will only be available with life insurance cover. If it pays out, you can use the lump sum to adapt your home if need be or get help with medical costs. If you are diagnosed with a qualifying illness such as heart attack. artery bypass surgery, kidney failure, cancer and other qualifying illnesses, you benefit is payable tax free. You should not, however, confuse critical-illness cover with private insurance, which is used to pay for medical treatment in the private sector. Life insurance with critical illness cover is also different from income protection cover. This kicks in once you have been unable to work for a particular length of time, perhaps six months, and pays you a monthly sum. When you get a life insurance quote and ask about critical illness, remember that there are many different serious illnesses and not every policy will cover the same illnesses, although all policies cover cancer, stroke and heart attack. Be careful to get a quote for the right life insurance with critical-illness cover for your needs. It would be unimaginable to take a life insurance policy with critical illness cover, and be left high and dry at a difficult time. To achieve this, it's always a good idea to speak to an independent advisor who has no axe to grind. In 2003, new rules came in that changed the conditions under which you can claim on critical-illness policies. The ABI sets out rules that mean that all providers will not cover illnesses like non invasive skin cancer or tumours that have yet to invade the organ or tissue. Conditions around heart attacks and the this type of insurance have also been tightened. For a claim to be successful, there must be evidence of chest pain, or changes registering on the ECG. More moderate conditions like angina are no longer covered by critical-illness insurance. It should be noted that most insurance companies have a main list of qualifing illnesses and a secondary list of illnesses that the believe are serious enough to pay out on. For example, not every insurer will see a minor heart operation as qualifying illness. HIV and AIDS is a common exclusion from this cover if it is a result of drug abuse. If you do not take medical advice given by your doctor which leeds to a critcal illness this could invalidate your cover. Critical illness insurance is important if you dependents. But, if you're single, it's arguably more vital than life insurance. it could repay your mortgage balance meaning you will have no mortgage payment to make. Copyright (c) 2009 Mark Walpole
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