Critical illness cover – Additional benefits

When first buying critical illness insurance there are a number of additional options available that help to boost your original cover;

one of which is the buyback opportunity.

This buyback option.

This buyback option will allow you to top up your original critical illness

cover in the event that you ever have to make a claim.

To be eligible to use this benefit you have to be under the age of 60,

however if you do make a claim and posses this add on then the provider

will have no choice but to accept your claim and reward your

benefits.

With traditional life insurance providers, before you are able to

use your buy back option you must first meet certain criteria.

For example if you suffer from a heart attack, primarily your doctors

or surgeons will have to be contacted in order to obtain your

medical status.

Before any buyback benefit can be received, there must be sufficient proof that a full year has passed

with no reoccurrence of any symptoms of your original illness.

This option to top up your policy also must be taken within 5 years of

your original claim.

Also know as reinstatement cover by some insurance providers, this

form of top up benefit can be a great advantage.

Customers should also be aware that different insurance providers

may call this product something else or offer it in a different way,

applicants should therefore be aware of what they are being

offered.

Traditionally, this reinstatement benefit will cover a number of

illnesses; however this will not be as comprehensive as your original policy and will often exclude the illness you have suffered from.

However, in recent years the insurance provider Prudential have

updated this product and dramatically improved the service

offered.

Within PruProtects “Serious Illness Cover”, which covers three times

more illnesses than traditional critical illness cover, a Minimum protection account is available.

This Minimum Protected account takes into consideration that, due to

medical advances, the chances of suffering more than one critical

illness and surviving has dramatically increased; the need for increased

protection is therefore vital.

Unlike traditional buy back policies, PruProtects Minimum Protected account can pay out up to three

times, and most importantly it can pay out more than once for the

same illness.

In addition to this, once a claim is rewarded, the Minimum Protected

account requires no further medicals, under writing, and no

change in premium; as well as this the critical illness you suffered from

will not be excluded.

Although traditional critical illness polices do offer additional benefits,

those offered under PruProtects serious illness cover are far more advanced and offer customers a

more comprehensive plan.

Critical illness cover – Additional benefits