In times past, having a regular health insurance policy plus a whole life or term life insurance policy was about all of the insurance anyone would have to cover them in the event of a health emergency or death. Today many individuals are concerned about their chances of contracting one of the many dreaded diseases which afflict millions each year. This has led to some insurance companies providing a dreaded disease insurance policy.
Individuals who may have a cancer or other types of major illnesses in their family history are more prone to having these illnesses also. It is for this reason that many are now taking out a dreaded disease in insurance policy to help in the event that they succumb to one of these diseases. Not only is health insurance coverage limited in some policies, but also any pre-existing conditions may be omitted as covered.
A lot of the diseases today which are considered catastrophic will require some type of surgery, nutrition change or expensive treatment in order for the patient to stand a reasonable chance of recovery. All of these things are very expensive and may very well deplete the amount of coverage offered by a lot of insurance policies. It is for this reason many individuals who may be at risk for these illnesses will seek out a separate insurance policy to supplement their existing coverage.
Most dreaded diseases not only leave the patient fighting for their lives, they are also left fighting their insurance companies and their healthcare providers in order to get the best care possible and the bills paid. It’s a sad fact of life, but it is true that sometimes you will not get the treatment you need if you are not covered for it specifically in your insurance policy.
The thoughts of fighting an insurance company to have a life-saving treatment are enough to make a healthy person think twice. Someone who is actually ill and needing a special type of treatment, which may even be experimental doesn’t need the extra energy during all of worrying with the hospital and the insurance company.
Dreaded disease in insurance policies can come as a stand-alone policy, or they can be a rider within a life insurance policy which will engage should the individual be diagnosed with a dreaded disease. This rider would most commonly allow the policyholder to tap into some of the death benefits in order to pay for dreaded disease treatment. This type of rider is generally used to offset medical costs for the policyholder.
Some dreaded disease policies will only pay out a flat amount which varies from $1000-$50000 depending on what type of disease has been diagnosed and how long the policy has been in force. There are certain policies which will require the policyholder to submit medical receipts to treatments which are covered in order to be reimbursed by the policy. With the amount of concern over dreaded diseases being raised, the demand for these insurance policies is expected to increase in the future.