Unfortunately, many people can find themselves in a situation where their health no longer allows them to work. This is when having some kind of critical illness insurance cover will be essential. Here is a brief guide to the types of plan available and their average cost.
Types of Plan
At present there are plans that cover one specific illness or disease such as heart attacks and there are those known as critical illness plans, which can cover a whole number of diseases. While for the most part these plans will focus on the `big three`, that is, heart disease, cancer and strokes, most cover around 18 different, known medical conditions.
The exact plan you opt for here may depend on factors such as family history. For example, if there is a history of cancer in your family, opting for a plan which is specific to this illness may be the better option.
However, there are a number of other factors to take into account as far as plan type is concerned. For one, you will have the choice of opting for either an indemnity plan or one that involves a lump sum. Essentially an indemnity plan will pay out in relation to the treatment that is being received, while the latter will pay out a lump sum upon the original diagnosis.
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