What Is Serious Illness Insurance?

At present there are known personal insurances that everyone talks about and thinks about hiring, however there are also others that are barely mentioned, such is the case of serious illness insurance. Have you ever heard it? Below we tell you everything about it. We also explain what are the differences with respect to the rest of protection products in the sector.

The serious illness insurance covers the insured in case of suffering from any of the situations of serious health problems considered in the policy. In this way, life insurance can also be useful in situations that happen in the present. Likewise, there are also important differences within the policies that cover this situation.

We have to understand that there are policies that, exclusively, will be used to cover this type of case and, therefore, are considered specific and intended for this purpose. Therefore, if what we are looking for is to protect ourselves from this situation, of course this would be the most recommended option; However, if you do not convince us, you can also go to a company that includes in life insurance an additional capital for this case.

What is considered serious illness in health insurance?

A serious disease is one that, due to its scope and symptoms, poses a serious risk to the health of the person who suffers from it. Until recently, this group of diseases were not covered by life insurance. This is a special type of catastrophic or chronic diseases, which are characterized, among others, by the high cost of medical or special treatment.

Some of these diseases are:

  • Cancer and leukemia
  • Myocardial infarction
  • Stroke
  • Chronic renal failure
  • Total hearing or vision loss
  • Coma
  • Vital organ transplants
  • Alzheimer
  • Parkinson
  • Brain diseases derived from benign tumors or vascular malformations
  • Intervention for coronary artery involvement
  • Heart valve replacement
  • Multiple sclerosis
  • Paralysis

What does serious illness insurance cover?

Serious illness insurance is usually an addendum to life insurance. This means that it is possible to contract other coverages. This helps protect the family from the consequences of an illness. For example:

  • The family can be protected in case the holder is absent for any reason or even for the disease that has been diagnosed.
  • You can also protect yourself if as a result of this illness or an accident the policyholder suffers a total and permanent disability.
  • It is possible to receive additional compensation for each day that the holder is hospitalized as a result of this disease. Also for any other illness or for the disabilities that may be had because of an accident.
  • If you do not have a funeral aid, it is also possible to hire one through life insurance. In this way, burial expenses, for example, could be covered from now on.

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What limitations and exclusions do these insurances have?

The exclusions (i.e. what is not covered) of serious illness insurance depends on the insurer you choose. However, normally, the following are not covered:

  • Suicide attempt, regardless of whether or not the insured is in use of his mental faculties.
  • Diseases, anomalies or congenital malformations.
  • Pre-existing diseases to the contracting of the insurance.
  • Tumors in the presence of HIV, regardless of whether it is type 1 or 2.
  • Self-inflicted injuries.
  • Use of vehicles or aerial devices as a pilot, pilot student, aviation mechanic or crew member.

It is important to always read the conditions of the insurance. since here you can see exactly which diseases are not expressed in the basic protection.