Serious Illness Insurance

The term 'serious illness' is used to define a wide range of medical conditions which can cause significant pain and suffering. A policy that pays a lump sum when you are diagnosed with any of these specific conditions or illnesses your policy covers will usually be termed as 'serious illness insurance'. It's also referred to as 'critical illness insurance'. It can be bought as an added benefit on a home or auto insurance policy, but more importantly it can also be bought as a separate insurance policy as part of a permanent life insurance, annuity, or mortgage insurance portfolio.

This type of insurance is most commonly purchased by people who are at risk of falling ill, have a pre-existing medical condition, or for those who have had to take out a loan due to an accident or illness. There are many different types of policies that fall into the category of this type of insurance, so there is something suitable to suit every individual and situation.Click here for more details about Berufsunfähigkeitsversicherung Kassel

There are two main types of policies - universal and preferred - which covers both major and minor medical conditions, as well as other things like disability or death benefits. With a universal policy, you won't find it difficult to find the correct type of policy as there are literally hundreds of companies offering different schemes.

Some of the policies which fall into the category of this type of insurance are annuities, permanent life insurance plans, investment, and health savings accounts. Annuities are normally designed to pay out over the course of a long-term commitment or even to provide for future needs. However, there are also plans designed to provide for the needs of a dependent who lives in the same household.

A permanent life insurance plan is designed to pay out over the course of the life of the policyholder and can pay out to either pay off or replace an existing policyholder. With an investment policy, a person can fund an investment portfolio which can earn a steady return for the policyholder over time or can even allow an individual to get an inheritance tax free.

A critical illness policy can be purchased as a standalone policy or combined with other types of permanent life insurance. For instance, if an individual buys a home insurance policy which includes a mortgage, then if they become ill then they may not be able to pay the mortgage. {and the policyholder would be covered if the mortgage was lost. {or foreclosed upon. This type of insurance can often be purchased as part of a group policy or as a stand alone insurance policy. Many life insurance companies offer it as a separate, independent product.