Unforeseen illness can hamper anyone’s lifestyle and health. To be prepared for such unpredicted situations and to save your money from getting drained in treating long-term medical illnesses all by yourself, it is good to invest in critical illness insurance. It is a set benefit plan in which you can get the full sum insured regardless of whether you are hospitalized or not and what the treatment cost really was.
However , many assume that life insurance plus disability insurance provide all the insurance coverage you need. Having a lump sum payment as part of your protect from the insurance company when you are sick plus lying on bed due to coronary heart stroke, cancer, and other wide variety of conditions can help you provide a security to your loved ones in a tough situation.
The purpose of purchasing a critical illness plan is to protect you from the expensive treatment. Plus it is a lot cheaper than the regular indemnity plan that covers a wide array of dangers but is a bit costly too compared to critical illness cover. Experts think that you can also combine a general health insurance along with critical illness cover to get the appropriate coverage at a decent pricing.
Furthermore, the number of diseases covered in a basic critical illness plan differs broadly as some insurance companies cover for unplanned death or partial/total disability trigger in an event of accidents although some don’t. Here are some points that must be regarded as while buying a critical illness plan.
Choosing the right policy: You should access and compare a few policies to decide what type would suit you the best. Consider what all illnesses are covered underneath the policy, the amount of coverage, insurer’s payment history, the claim plans, and also the loopholes. The best way to determine how much insurance cover you will need is to ask the company what most benefits they are offering.
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Once you know the advantages, you will easily know how much insurance coverage you require. You must also keep in mind the factors such as recurring costs, treatment price, and future financial responsibilities in the event you quit or lose your job. Medical history and age are other important factors which are to be considered while deciding the particular sum insured. Remember the sum insured for the aged person would be higher than the one who is younger — as aged people are more likely to develop incurable diseases than others.
Standalone or Rider Insurance: Critical disease insurance policy can be bought either as a standalone policy or by clubbing this with other health insurance as a rider. The terms and conditions of the policy under both the circumstances are almost the same. In fact , it is solely your choice to choose one as per your requirement. Generally, the standalone policy offers you more flexibility in deciding the sum covered and the larger cover as compared to bikers. There will be a specific difference in the price as well. A standalone policy will be more expensive as it will give you the opportunity of choosing the high sum insured. The advantage of stand-alone policy is that you do not need to have to renew your health insurance or maybe the life insurance cover if you wish to carry on with the particular critical illness cover.
Investing in a particular plan: Many insurance companies offer exclusive critical illness insurance policy for women plus elderly people and provide cover for their unique needs such as breast cancer, cervical cancer, etc . Though these plans cost lot but these are true value for money too.
You can also customize your plan as per your requirement. For this, you can seek the help of an independent representative who has access to numerous carriers and options that are currently available. Being cognizant that these policies exist, how they work and exploring additional options may be worth your time.