The rate at which medicine and medical practices are advancing poses a problem if you want your dread disease policy to provide benefits that will still be relevant in many years’ time.
At least one life assurance company has introduced a benefit that provides for the payment of claims when the policy’s original criteria for a particular condition become outdated as a result of medical advancements.
Dread disease policies typically define the medical conditions and the level of severity for which claims will be paid.
The criteria used to establish the legitimacy of a claim often rely on a classification system, a procedure, or a test. The claims criteria will be appropriate when you take out the policy, but they may become outdated over time.
Company X has therefore introduced a new feature on its dread disease policies – Medical Advancement Protection. This benefit provides a set of rules for assessing claims where the original claim requirements have become outdated due to medical advancements.
Medical Advancement Protection ensures you will still be covered for a condition as long as your symptoms would have qualified you to be paid a benefit at the time you took out the policy, and appropriate medical literature shows that the new surgery or procedure is not experimental, is necessary and is superior to the procedure used before.
Contact Light-Insurance for more information on Company X.