Catastrophic illness insurance,
Definition of Catastrophic illness insurance:
A category of insurance, also known as critical illness insurance, which is used to protect the insured during specified major health situations for a specified time period. The insurance coverage of this type is generally in a lump sum payment and be used fully or partially depending on the conditions of the policy and the health condition. Long-term hospitalization, cancer, and heart attacks may be included in the coverage. Catastrophe insurance may also be utilized as a supplementary coverage for existing health and disability insurance for a beneficiary. Insurance premiums will have lower prices for younger and healthier individuals. This type of insurance does not cover routine medical costs such as checkups. Coverage restrictions are based on provided but claims are typically rejected for common reasons such as conditions that are pre-existing, death within 30 days of diagnosis, or critical diagnosis within the initial 90 day time period.
This insurance is also known as critical illness and critical care insurance. .
Catastrophic illness insurance is a type of coverage which protects the insured for a specific and severe health problem over the defined period. It differs from other forms of health insurance in that there is limited coverage to the specifically named risk. An individual can buy the coverage as a stand-alone policy or as a rider to life insurance. .
Meaning of Catastrophic illness insurance & Catastrophic illness insurance Definition