January 20, 2021

How to get the Right Critical Illness Insurance Policy?

Unpredicted illness can hamper anyone’s lifestyle and health. To be prepared for such unexpected situations and to save your money through getting drained in treating long-term healthcare illnesses all by yourself, it is good to invest in critical illness insurance. It is a fixed 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 protection you need. Having a lump sum payment as part of your cover from the insurance company when you are sick and lying on bed due to heart stroke, cancer, and other wide variety of circumstances can help you provide a security to your loved ones in a tough situation.

The purpose of purchasing 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 dangers but is a bit costly too than the critical illness cover. Experts believe that you can also combine a general health insurance with critical illness cover to get the suitable coverage at a decent pricing.
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Furthermore, the number of diseases covered in a simple critical illness plan differs widely 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 plan.

Choosing the right policy: You should access and compare a few policies to decide what kind would suit you the best. Consider exactly what all illnesses are covered underneath the policy, the amount of coverage, insurer’s transaction 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 benefits they are offering. Once you know the benefits, you will easily know how much insurance you require. You must also keep in mind the elements such as recurring costs, treatment price, and future financial responsibilities in case you quit or lose your job. Medical history and age are other important factors that are to be considered while deciding the sum insured. Remember the amount insured for the aged person would 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 illness insurance policy can be bought either as a standalone policy or by clubbing it with other health insurance as a rider. The terms and conditions of the policy under both circumstances are almost the same. Actually it is solely your choice to choose one as per your requirement. Generally, a standalone policy offers you more flexibility in deciding the sum insured 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 privilege of choosing the high sum covered. The advantage of stand-alone policy is that you do not need to have to renew your health insurance or the life insurance cover if you wish to carry on with the critical illness cover.

Investing in a particular plan: Many insurance companies offer unique 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 additional options may be worth your time.

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