Many people think that getting only health insurance is sufficient. But what about being diagnosed with critical illnesses? As you may already know, being diagnosed with a critical illness requires special treatment, which leads to higher expenses.
What better way to manage these than by getting a Critical Illness cover? Read this article to learn more about how you can choose the right critical insurance coverage.
What is Critical Illness Insurance Cover?
Critical Illness cover refers to a policy that provides financial security to the policyholder when they get diagnosed with a serious illness. It provides a lump sum of money which can be used to cover the cost of medical treatment, hospital charges and other kinds of expenses.
Types of Illnesses the Insurance Covers
Take note of the fact that the specific illnesses which Critical Illness Insurance covers vary from insurer to insurer. However, here is a general list of illnesses which such a policy covers:
- Stroke
- Cancer
- Heart Disease
- Disabilities
- Loss of Speech
- Organ Transplants
- Brain Disorders
- Deafness
- Paralysis
- Kidney Failure
- Blindness
Features of a Critical Illness Insurance Plan
Here is a list of features of the Critical Insurance plan:
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No Usage Restrictions
When it comes to a Critical Illness cover, there are no restrictions on how you may need to use the money. The claims that you make are subject to the terms and conditions which apply to the insurer from whom you take this policy.
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Rider or Standalone Option
This kind of insurance cover can be used as a rider – an add-on to your already pre-existing health insurance policy. It can also be availed as a standalone policy.
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Hassle-Free Claim Process
As compared to other types of health insurance, the claim settlement process for Critical Illness insurance is much more efficient and easier.
Choosing the Right Critical Illness Cover: Factors to Consider
There are a lot of different factors that you need to consider when choosing Critical Illness Insurance. Here are a few characteristics that you need to gauge when choosing such a cover:
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Age of Entry
Getting Critical Illness cover at an early age is more beneficial. This is because when you are young, you have a much lower risk of having pre-existing conditions. Thus, the premium is also relatively low. If someone waits until they are much older to avail of this coverage, then the premium would become much higher due to the likelihood of them contracting certain types of lifestyle diseases by then. For instance, getting the best health insurance for diabetics in India can help manage costs for those already dealing with diabetes, ensuring comprehensive coverage tailored to their needs.
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Insured Sum
It is also important to understand the insured sum before opting for critical illness insurance cover. You need to have a clear idea about the benefits of the policy that you choose. This will ensure that you get maximum protection and coverage. Hence, it is very important that you actively compare the different insurance companies offering Critical Illness insurance.
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Term of Policy
Check the specific policy terms as there are a lot of policies which have limitations on the duration of total cover and renewability options. You need to choose a cover which provides maximum renewability so that you get covered till a much older age.
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Type of Illnesses Covered
Make sure to get an idea about the particular type of illnesses that the policy offers. Always remember that a critical illness plan does not cover every kind of critical condition or illness. For example, if a person claims critical illness insurance for getting a stroke whilst it is not covered in the policy then the company would not provide an insurance sum for that.
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Waiting Period
A majority of the Critical Illness cover policies have a set duration waiting period. This means that, if you try to claim within the waiting period post-purchase of this policy then it will not get approved.
Conclusion
Getting Critical Illness cover can grant you the ability to alleviate some of your financial worries if met with a critical illness. You will be able to use the financial aid for your medical expenses, hospitalisation charges, and more. Furthermore, there’s also an easy claim settlement process of critical insurance coverage compared to other insurance policies.
