You might have never heard about critical illness insurance and we hope that you never have to either. But, if you ever run into a critical health emergency; this might be of great help. Critical illness emergencies include heart attacks, strokes and cancer etc. This insurance plan can be your life boat to stay ashore through this financial burden.
Many people might assume that your healthcare insurance should be sufficient to cover this as well. However, it does not provide complete protection from several illnesses as well because these treatments are usually much more expensive than your regular medical checkups. Thus, they are covered in a different plan.
Critical illnesses come by when you are busy in your lives and not expecting them to hit you like a hard rock. And they leave you astonished and in pain. The financial strain is one of the biggest worries in such times and thus, it is important to think about it. If you have already invested in a critical illnesses policy, it means that you have thoughtfully taken the right decision for your future.
What is Critical Illness Insurance?
Critical illness insurance, like any other insurance plan, pays for your medical expenses (tax-free), when you fall ill. Illness, like any other bad time, comes uninvited and uninformed. It can leave a family under financial worries and strain. This is why good insurance coverage is always a smart investment. Online health insurance, critical illness insurance, as the name suggests, is a plan that helps you fight critical diseases. It is designed to bring ultimate protection to you and your family during the tough times.
You can use the insurance payout, in any form that you like. You can use it to pay off your debts or mortgage or it can help you cover your private medical bills. You can also utilise it to pay your monthly bills, whilst you are being treated, so that your family doesn’t have to worry about it. There is no limitation to how a critical illness insurance payout can be used. Thus, it brings in a lot of comfort for the insured individual and his/her family.
What does this insurance cover?
The coverage varies from insurer to insurer. Every insurance company will have different policies and coverage plans. However, all the insurance companies will certainly cover you up for illnesses like a heart attack and cancer. It also covers you for a minor stroke. Majority of the insurers only offer coverage for these 3 specific illnesses. On the other hand, some might help you cover issues like an organ transplant, treatment for deafness or blindness too. Depending on what you are looking for; you must inquire about the coverages being offered, from the insurer, in detail.
Is it Difficult to Claim Critical Illness Insurance?
Serious illness can come by at any time and each one of three people will fall seriously ill with diseases like heart attacks or cancer, once in our lifetime. Even though it is the scariest thought to even imagine; it is best to prepare for it so that it protects you and your family whenever the time comes.
Now, the ease of getting a claim payout really varies from insurer to insurer. This is why it is very important to choose the right and professional insurer. Insurers that are covering more illnesses are likely to be very easy to manage with a claim payout. However, you have to make sure that you provide all the required proof of critical illness to make a claim. Until and unless you dont act truthfully about your condition; it is hard to make a claim and get the payout too.
We suggest that it is best to handover your medical paperwork to the insurer to assure them that you are undergoing a serious treatment for a medical emergency and you might get the payout faster. Yet again, choose the insurer very carefully.
Types of Critical Illness Insurance:
There are two different types of critical illness insurance:
- Critical illness insurance with life insurance
- Critical illness on its own
In the first one, you will be covered for a critical illness and in case of death too. If you die, the money will be paid out to your family to help them fight the unexpected times. On the other hand, critical illness on its own, will provide you coverage for medical emergencies only.
Do we all need Critical Illness Insurance?
No, you do not. You have to be very thoughtful before investing in any kind of insurance. Study about it, learn about it and then opt for it. If you are single and you don’t plan to start your own family, you can definitely skip this insurance. However, if you have a family to look after, then this might be a very good decision to take.
The main reason for this is that if you die, how will your family cope with the loss and sudden financial strain? If you fall extremely ill, how will you manage the bread and butter of your family? Do you have enough savings to pay for the insurance plan that you wish to get? Once you have answers for all these simple queries, you will be able to understand whether you need to invest in critical illness insurance or not.
Critical illness insurance is different from health insurance and the difference must be understood. Also, make sure that you choose the right insurer. Pick a professional company that has been offering insurance for a long time now.
You can also click here to know more about critical illness insurance.