What You Can Do After Making a Critical Illness Insurance Claim
In a nutshell, you can really do whatever you want!
With the proceeds from the critical illness insurance claim, you can get on with the treatment of your critical illness, you can go to that vacation you have long dreamed about, you can spend the money to install adaptive equipment in your home; you can use the money to pay for daily needs and regular homecare and so on.
You see, what happens after the insurance company pays your claim is all up to you. The critical illness insurance policy will be terminated once the insurance company makes a full payment for one covered claim. This means that you can’t claim for another critical illness.
Payment of a critical illness insurance claim is based on diagnosis of a covered critical illness. In other words, if your claim falls within the definition of the policy, then the insurance company will pay the claim.
Partial Payments
There may be some types of critical illness insurance policies that will make partial payments if critical illness is still treatable. These are called scaled critical illness insurance policies. Usually, you can still make another claim. It will just deduct the amount that has already been partially paid.
Working or Recovering After Making a Critical Illness Insurance Claim
Whether you work or not after a claim is really not a concern of the insurance company. You can decide to get back to work even with your critical illness. Hopefully, you may even recover from your critical illness.
Critical Illness ≠ Income Protection insurance
On the other hand, if you can’t work because of your illness but that illness is not covered by the policy, you may not be able to make a claim. If losing your income due to illness is a concern, then you should look into income protection insurance, which is different from critical illness cover.
Income protection insurance will provide you with a portion of your income in the event that you are unable to work due to a covered illness.
Recommended useful information to read:
- Are you at risk? Critical Illnesses you may be susceptible to
- Things to consider before getting a critical illness insurance policy
- What you should know about Your Critical Illness Cover: The exclusions to your policy
- Save Up on Premiums: factors that affect Your Critical Illness Insurance premiums
- Dos and Don’ts When Making Critical Illness Insurance Claims
