Definition: Gap insurance is a type of policy that provides financial protection against unforeseen circumstances such as accidents, natural disasters or illness. The goal of gap insurance is to cover the costs of medical treatment and lost income when an individual's coverage lapses. The cost of a gap insurance policy typically varies depending on factors such as the age, gender, location, and level of medical coverage. Some policies may require you to pay additional premiums based on your risk tolerance or financial situation. One common type of gap insurance is dental insurance that covers dental procedures like fillings, crowns, and cleanings for up to a certain number of years after surgery or treatment has been completed. Another type is vision insurance that can provide coverage for eye exams, glasses, and contact lenses, but typically applies only if the condition requires them. Another important consideration when buying gap insurance policy is whether it covers pre-existing conditions such as diabetes, asthma, or heart disease. It's best to speak with a financial advisor to understand your specific situation and see if the gaps in coverage are covered under your individual policies. Ultimately, gap insurance is an essential part of any comprehensive health and financial plan. It provides peace of mind knowing that you have the necessary protection against unforeseen circumstances when your coverage may be terminated unexpectedly.

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