What else is included in my critical illness insurance policy ?
Premium protection is an addon to your life insurance plan, it goes by a number of different names with different insurance providers. Premium protection is a more modern way of saying waiver of premium on older traditional life insurance plans.
Premium protection is where you can cover your payments if you were to be off sick from work and were unable to pay your policy premiums. Normally this kicks in after 26 weeks and the plan will start to pay your premiums.
There are a number or different definitions that are applied to your payment protection or waiver of premium option on your life insurance plan. The main and best one is own occupation this would be defined you as unable to complete your occupation in the event of sickness or injury.
The next defintion is any occupation, this is where you were unable to do any job in the event of a accident or illness.
The poorest defintion is called activities of daily living, this is where your would be assessed if you could do 3 or more activities of daily living to justify a claim being paid out. These definitions could be getting from a bed to wheelchair, continence, dressing, mobility, feeding and washing.
So in answert to the original question, yes it was a good idea to add this to your policy, however it is important that you have a look at the small print and make sure you got the best definition for the premum protection. If you have own occupation there is a much higher chance of you getting paid out on this plan than that with activities of daily living.
Tags: critical illness, critical illness cover, critical illness insurance