When it comes to life insurance, there are no two ways about testifying its importance to a common man. The various associated benefits to the insurer and his/her loved ones are way too many. However, more than often, life insurance coverage plans don’t extend its benefits to cover medical emergencies like critical illness; in such a situation only medical insurance plans for critical illness prove to be fruitful.
Source: Coverfox
A person can be diagnosed with a chronic disease at any given point of time and just like most other diseases, critical illness doesn’t come up announced. Therefore, to be on the safe side, it is recommended that a person gets insured with a good medical plan that covers a broad spectrum of critical illness. When a person avails critical illness insurance, they get a lump sum amount from their policy provider on the diagnosis of their critical illness. It is up to the insured how they want to use the compensation for their treatment, medical expense or to support their family’s daily expense. Since age is not a factor when it comes to critical illness, investing in a critical illness health insurance from a young age is a smart decision.
Critical Illness Cover
The importance of Critical Illness Cover
People who don’t have a critical illness cover have to cope with mounting medical bills and growing debt. The financial situation becomes worse if the person diagnosed with a life-threatening disease is the bread earner of the family. A sound critical illness health insurance will help the insurer to meet the expenses incurred during hospitalisation, treatment and recovery phase and also ensure financial security at a time of medical emergency.
The effectiveness of a critical illness cover lies heavily on its ability to offer various benefits to the insurer and their loved ones in times of medical emergency.
The following benefits highlight the importance of critical illness cover:
- An easy method of making a claim
- An income replacement
- A similar premium structure as health insurance
- Avail tax benefits
- Easy settlement of claims
- Ability to meet medical expense
- Improves the chances of survival
- Offers financial security to the family
What to consider before getting a Critical illness Cover?
Purchasing health insurance for critical illness is a serious task that requires meticulous planning and a deep understanding of one’s financial standing and expected benefits. An insurer’s ability to deal with critical illness and get proper treatment heavily relies on the choice of the plan selected by them. Therefore, it is of grave importance that the person considers all the aspects of various medical insurance plans for critical illness before judging their worth.
The following points must be considered before getting a critical illness cover:
- Find out which critical illness covers are included in the critical illness health insurance
- Browse through and compare the different risk coverage offered by different health insurance for critical illness
- Read through all the important terms, conditions and guidelines mentioned inthe critical illness health insurance policy
- Be careful while understanding the inclusions and exclusions of a critical illness policy
- The basic and additional benefits offered by the critical illness cover
- The guaranteed rate and the rate of renewability if applicable
- The flexibility feature of each policy
- The ease of making changes to the policy
Why should you opt for a good health insurance for critical illness Cover?
Owing to rapid changes in lifestyle, dietary habits and environmental factors, more people are suffering from various diseases like cancer, chronic respiratory disease, renal failure, cardiovascular disease and diabetes. It is always a wise move to be prepared for chronic illness to protect yourself and your loved ones from the emotional and financial strain that often rises due to a critical illness. You must consider and opt for a critical illness insurance plan to avoid a situation where you have to give up on treatment due to financial constraint.
A sound critical illness health insurance plan will not only prepare you to meet the financial crunch during a medical emergency but at the same time will also build your confidence level to face such situations. Be sure to compare the various medical insurance plans for critical illness and their objectives before deciding on the most suitable policy for you.
Reference Sources
https://www.criticalillness.org.uk/before-getting-a-critical-illness-insurance-policy.html
Very Informative. Critical cover is the need of hour due to rising health problems in the country.