Have you considered taking out life insurance? Do you think you’re still young to think about it? Unfortunately, a serious disease, such as cancer, can strike at any time. And the fewer years we have crossed off the calendar, the more help we will need to overcome the aftermath. We cannot forget that a major ailment changes your life, but also that of your family. Hence, if you are thinking about taking out life insurance, it is time to consider more coverage. We tell you what serious illness life insurance is and we give you all the answers. So, if you need it, you can focus on what matters most: your recovery.
What is Critical Illness Guaranteed Life Insurance?
It is a life insurance that indemnifies whoever you decide for the amount that you insure in the policy contract to whoever you want in the event of your death. In addition, it helps you financially if you suffer from a serious illness such as cancer, heart attack, kidney failure, etc. or if you need a major operation, such as a transplant. It can also cover accidents.
It is a complete option to live peacefully no matter what, since this compensation allows you to pay for the treatment or care of the sick person, if needed. But it also helps to alleviate the strong economic impact suffered by the family in the event of a serious illness.
The amount charged is based on the contracted capital; that is, the insured must choose what he wants to charge and, depending on that, it will cost him more or less to pay his insurance. However, these insurances sometimes do not compensate serious illness for the entire capital contracted for death, but only a percentage. This must be clear and known before signing the policy.
To give an example: cancer is one of the conditions on which there is more information. According to the Spanish Association against Cancer (AECC), this ailment that costs Spanish society about 19,300 million euros each year. Although a part is paid for with public money, 45% is paid for by patients and their families. For example, localized lung cancer costs a person about 63,000 euros in total. In the case of breast cancer, the average cost is about 59,000 euros.
In addition, according to this same study, people who suffer from cancer lose a large part of their monthly income. This can happen for many reasons: for example, if they have to request a reduction in working hours or if they are granted sick leave. 30% of patients lose about 300 euros a month, but 4 out of 10 lose between 800 and 1,500 euros. Likewise, in many cases there is a family member who stops working to care for the patient, with which the drop in their monthly income exceeds, in 8 out of 10 cases, 300 euros per month.
A serious condition can not only force you to stop working, it also entails additional costs: pharmacy, travel, work on the home to adapt it to the patient… For example, a woman with breast cancer can pay between 700 and 3,000 euros just in a pharmacy. And a person with bladder cancer assumes, in most cases, between 350 and 750 euros only in medicines. Hence the importance of knowing what serious illness life insurance is and all the answers.
In which cases should this life insurance be contracted?
We all may need it. No one is free from suffering from cancer at any age, whatever their lifestyle and health conditions. And many other serious diseases also affect young people, athletes, who are not overweight… But especially this insurance should be taken out when there are small children or relatives who depend on our work, if we are self-employed, when there is a genetic history of certain diseases, if we have outstanding debts or if we are alone and with no one to take care of us.
What diseases does it cover?
Each company and each policy is different, but the usual thing is that they all cover cancer, a growing disease that is expected to affect 24 million people by 2035. These insurances can be more comprehensive and cover heart attacks, strokes, chronic kidney failure, multiple sclerosis, transplants, paralysis, and even Parkinson’s and Alzheimer’s.
Is there some kind of exclusion?
Each policy details its own. For example, these insurances do not usually cover serious illnesses resulting from a suicide attempt, alcohol and drug abuse, terrorist acts, wars or some particularly dangerous jobs and sports. So you will have to read the coverage carefully and choose the most complete policy that is in line with your lifestyle.
Can you include other coverages?
They can offer an economic benefit for cases of hospitalization and disability and have other advantages, such as a second medical opinion, advance payment of a part of the capital, travel coverage, etc. It is interesting to read the contract well.
Who collects this policy?
This life insurance with serious illnesses will pay a capital to the insured in the event that a health problem is diagnosed, either by accident or illness, depending on the assumptions covered by the policy. If the insured dies, those who he has designated or, if he has not consigned them, his legal heirs will charge.
Is it difficult to collect compensation?
No. It is enough for the insured or their representatives to present the information that proves the serious illness that gives rise to compensation in accordance with the conditions of the policy. It is not necessary to present invoices or files.
Do I have to pay the Treasury if the capital is collected for serious illness?
IRPF is taxed as income from movable capital. Yield is considered to be the difference between the capital received and the totality of the premiums paid corresponding to the year in which the benefit is collected.
Once the illness is over, is this insurance reinstated?
No. The policy is canceled once the sickness capital has been paid. It is considered that the purpose of the insurance has already been fulfilled.
Can this policy be taken out if one is already sick?
No. Normally the insurer asks you to fill out a health questionnaire in which you have to tell the truth. In the event that the insured has to be paid for a serious illness, the company will investigate. Lying can be cause for cancellation of insurance.
Can several members of the same family be insured?
Yes, all who want. Critical illness insurance only covers whoever contracts it, so it is not a bad idea to do it for each person, so that the whole family is insured. In these cases, companies usually apply significant discounts for the second and successive policies.
Up to what age is this coverage valid?
The variations in terms of expiration are not many between some companies and others. Normally, its validity is limited to 65 or 67 years of age for coverage of serious illnesses, although some policies remain in force until 70, exclusively as life insurance, without extra coverage.
What to do to take out this life insurance with disease guarantee?
Virtually all insurance companies have incorporated it into their product portfolio, aware that life expectancy is lengthened and, therefore, the risk of suffering health problems, such as cancer, increases. Our comparator includes the most important companies and coverage for serious illnesses.
If after knowing what serious illness life insurance is and knowing all the answers, you are interested, you can contract it online, through our website. If you prefer, you can also call us at 91 218 21 86 – 932 990 416, and an expert advisor will guide you on what is best for your case.
