My critical illness policy has reinstatement in it what is this ?
A Limited number of companies will offer to include the reinstatement option. This reinstatement option can be added to a critical illness policy at an additional premium. Having reinstatement on your policy means that you can acquire a new policy with limited cover after you have made a successful claim from your provider. Typically this limited cover includes, Aorta Graft Surgery, Aplastic Anaemia, Bacterial Meningitis, Cancer – excluding less advanced cases, Cardiomyopathy, Heart Attack, HIV Infection, Kidney Failure, Liver Failure, Major Organ Transplant, Motor Neurone Disease, Multiple Sclerosis, Parkinson’s disease, Stroke, and Third Degree Burns.
This can only be done so between 12 and 24 months with your provider, after successfully making a claim. The new policy will have maximum benefit equal to your current policy minus cover of which was provided under any replacement option, the cover will also not include any pre-existing condition before that start of the new policy.
You should always check your policy before commencement to establish if the reinstatement option is available and if so, is it automatically included.
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