What else can I add to my critical illness insurance ?
In case your claim had been for another disease other than heart attack, you may invoke the buyback benefit after 1 year of acceptance of your claim. Depending on your critical illness insurance policy, you have the ability to take the buyback benefit inside 2 years after your claim had been accepted. Most of the times, the buyback option will help to cover heart attack, cancer and stroke. However, the definitions of these diseases may not change. In other words, they will have the same definitions as when you had initially bought your critical illness insurance plan.
Normally, the survival period that applies to these conditions is around 14 days. In case your original critical illness insurance scheme included death benefit, this as well will be added to the buyback benefit. Any exclusion found under your initial critical illness insurance plan may, in addition to, apply to the buyback benefit. The buyback benefit will provide you with a tax free lump sum which can reach around half of your original cover amount. Nonetheless, the maximum benefit you can obtain may not surpass GBP 100,000. Once you obtain this cash lump sum with critical illness insurance, you will no longer be eligible for further claims.
You can also add other additional benefits onto your critical illness plans such as waiver of premium or indexation option, these addtional benefits will be at an extra cost to your plan however they can provide extra peace of mind.
Tags: critical illness, critical illness cover, critical illness quote, critical ilness insurance