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Critical Illness Insurance A Through Look Into It
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Most people consider life insurance as the security of their life and they are nowhere wrong in their thinking. However, there are other areas that are equally important. There may be instances of people falling ill and are unable to work. There may be huge hospital bills that will have to be paid. On such occasions a bit of monetary relief will be the need of the hour. A typical example of such an occurring is critical illness. It is a sudden serious mental or physical injury. It can keep people out of work for a lengthy period. Hence, there is always the need to look into the issue of critical illness insurance. Also referred to as trauma insurance the insurer will pay a lump sum payment in case the insured is diagnosed with any of the critical illnesses mentioned in the policy.
However, as policy holder before one receives the money he/she will have to go through the survival period. This period varies from company to company. On most cases it is 14 days. In Australia it varies anywhere between 8 to 14 days. This insurance product saw the light of the day in South Africa On 6th October 1983 the first such product was launched by DR Marius Barnard. It was referred to as the dreaded diseases insurance. In those days only four illnesses were covered. They were heart attack, cancer, stroke, and coronary artery bypass. However, with the passage of time more and more diseases were included.
Hence, people can also seek protection from blindness, deafness, kidney failure, paralysis of limbs, terminal illness, and a host of other such sufferings. Insurance companies worldwide have offered people protection against critical illness. Hence, if one is based in Australia and is on the lookout for trauma insurance australia boasts several insurance companies who offer protection. However, it is important to look into the exact nature of illnesses mentioned before signing the application form.
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