What is Simplified Critical Illness Insurance?
Simplified Critical Illness insurance is basically the same as the regular critical illness insurance but it only covers 4 major conditions in most cases. The 4 conditions that are covered are life threatening cancer, heart bypass surgery, heart attack and stroke. As a matter of fact these 4 conditions account for a vast majority of claims for the critical illness insurance policy owners.
It can be issued as a term of 10,20, or 25 years or upto age 75 or for whole life. It can also be used to cover mortgage with the option to decrease to 50% .
Simplified insurance plan does cost much less than the regular plan and is easier to under-write with fewer questions to answer.
Once you suffer a covered condition and have survived the required waiting period, you are entitled to send your claim form to the insurance company. Insured person gets a lump sum check in the amount equal to the insurance coverage once a claim is approved. It can be used to meet any mortgage obligations or simply to replace ones income and take time off work.
Having access to some cash can help the sick person focus on recovery without having to worry about paying the bills.
Other links and resources
Here is a Link to the page with information for regular critical illness insurance.
Click here to learn more about critical illness insurance.
Click here to learn about heart attack survival.