Unforeseen illness can hamper anyone’s lifestyle and health. To be prepared for such unforeseen situations and to save your money through getting drained in treating long-term healthcare illnesses all by yourself, it is good to purchase critical illness insurance. It is a set benefit plan in which you can get the entire sum insured regardless of whether you are hospitalized or not and what the treatment cost actually was.
However , many assume that life insurance plus disability insurance provide all the insurance you need. Having a lump sum payment as part of your include from the insurance company when you are sick plus lying on bed due to coronary heart stroke, cancer, and other wide variety of problems can help you provide a security to your family members in a tough situation.
The purpose of buying a critical illness plan is to include you from the expensive treatment. And it also is a lot cheaper than the regular indemnity plan that covers a wide array of risks but is a bit costly too compared to critical illness cover. Experts believe that you can also combine a general health insurance along with critical illness cover to get the suitable coverage at a decent pricing.
Moreover, the number of diseases covered in a fundamental critical illness plan differs broadly as some insurance companies cover for unplanned death or partial/total disability trigger in an event of accidents while some don’t. Here are some points that must be regarded while buying a critical illness policy.
Choosing the right policy: You should access and compare a few policies to decide which one 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 all of benefits they are offering.
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Once you know the benefits, you will easily know how much protection you require. You must also keep in mind the aspects such as recurring costs, treatment cost, and future financial responsibilities in the event you quit or lose your job. Medical history plus age are other important factors which are to be considered while deciding the sum insured. Remember the sum insured for the aged person will be higher than the one who is younger — as aged people are more likely to create 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 particular terms and conditions of the policy under both the circumstances are almost the same. In fact , it is solely your choice to choose one particular as per your requirement. Generally, the standalone policy offers you more flexibility in deciding the sum covered and the larger cover as compared to cyclists. There will be a specific difference in the price as well. A standalone policy could be more expensive as it will give you the freedom of choosing the high sum insured. The advantage of stand-alone policy is that you need not have to renew your health insurance or the life insurance cover if you wish to carry on with the particular critical illness cover.
Investing in an unique plan: Many insurance companies offer particular critical illness insurance policy for women and 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 other options may be worth your time.