Author: Eric C. Alexander
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Dread disease insurance came into light in the October of 1983 when it was founded by Dr. Marius Barnard. He produced the primary critical illness product in South Africa and from then on the insurance cover has been greatly popularized all over the globe.
The basis on which the insurance cover revolves is that the insurer is bound to receive an ascertained amount of money which goes in for treatment of his acute ailment which has been diagnosed in the person and is also one of the diseases which has also been stated in the policy. Dread disease insurance is also called as the serious illness insurance, living assurance, crisis cash, critical illness insurance and critical insurance cover.
Most of the insurance policies include a survival period clause in their policy which means that the insurer needs to stay alive for say a stipulated time after the illness is detected and confirmed in him or her. The concept of survival period is different in each company and most of the times it is between 28 to 30 days.
Usually, when the insurer is diagnosed with an illness he needs to submit a proof of the same which should be the diagnosis from a specialist and the concerned tests to prove that the insurer is really suffering from the ailment. The details of the confirmation of the diagnosis will be present in the policy and usually the results of the tests such as EKG changes for myocardial infarctions are provided along with the doctor’s diagnosis to affirm the sickness.
Most of the insurance companies in today’s market however, follow similar rules and specifications in their policy which is helpful to most of the insurer’s in order to understand the entire set-up of insurance policies and they do not have to be afraid of learning about the policies of each and every insurance company before they agree to enroll into one.
Even though, the basics of the policy of the various insurance policies are somewhat similar yet the ailment list for each company differs. However, when the insurance was first started in 1983, heart attack, coronary artery by-pass, stroke and cancer were the four ailments which were included.
Many acute illnesses are being included in the insurance policies which are mainly due to the rapid spread of diseases in the current world. Out of the several insurance covers, PruProtect has become an all-inclusive insurance package which covers up to 154 illnesses of which HIV/AIDS, blindness, deafness, Parkinson’s disease, Alzheimer’s disease, etc. are some of them. The major aspect of having an insurance cover is that it acts like a security in times of dire situations wherein if the policyholder is suffering from any acute illnesses then the insurance amount will help them to pay for their treatments, debts and also provide recuperation aids.
Dread disease insurance is an absolute necessity in today’s lives wherein there is acute uncertainty in all our lives about the various kinds of terminal illnesses which we can get hold of and in such dire circumstances the insurance cover can be put to great use.
Eric C. Alexander is actually a specialist in the subject of health insurance where he works as consultant for a variety of customers. He is exceptionally knowledgable in Dread Disease Versicherung where he supplies practical assistance to small-scale firms. He also specializes on Private Krankenversicherung and associated problems.
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