How Critical Illness Insurance can Help You Financially

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The importance of having a good health insurance plan is well-known. It can cover hospitalisation expenses and keep you from digging through your pockets in the event of medical emergencies. But, have you thought about what happens when you get afflicted with critical illnesses such as cancer, Parkinson’s Disease, Alzheimer’s Disease, etc.? Does your insurance cover the costs associated with treating these illnesses? What about the income you lose due to the illness? Will that be compensated?

Most regular health insurance plans do not cover these costs. This is where a critical illness insurance policy can help you out.

What Is Critical Illness Insurance?

 A critical illness insurance will cover illnesses such as cancer, stroke, heart attack, organ transplants, bypass procedures, etc. When you suffer from any of the critical illnesses covered by your insurance, you will be paid the lump sum amount upon its detection. The insurance will also cover other expenses such as loss of income during treatment and other costs associated with the treatment. These are not covered in a regular health insurance plan.

Why Do You Need Critical Illness Insurance Policy?

Here are a few reasons to think about getting a critical illness insurance:

Be Stress-Free

The treatment costs of these critical illnesses can be anything upwards of INR 2 lakhs. And, that is just the cost of treatment. There are so many other expenses that crop up and these can push the overall expense by another few lakhs. Since these are not covered by a regular health insurance, people feel the need to have to dip into their savings.

Prevalence of Diseases

Most people do not give a thought to how gravely a critical illness can impact their life. Today, cancer and heart attacks have become more pervasive. Almost every one knows someone who has been afflicted with cancer. Today, cancer, heart attacks, and strokes are almost as prevalent as other minor maladies. So, why not plan or it?

Save Money

The premium for health insurance for critical illnesses may be higher, but it also offers a high coverage and the payout is also equally high. It is always better to expect the best and be prepared for the worst. The regular health insurance offers low premium because many of the major illnesses are not covered by it. In the long run, if you compare the costs of the treatment for critical illnesses and the premium you need to pay for critical illness insurance policy, it actually saves you money.

Be Prepared

Different insurance providers cover different illnesses under their policy. Even within the critical illness insurance, there are many different types. The higher the premium for a plan, the greater the number of illnesses it covers. If you evaluate your family history and your lifestyle and consult with a doctor, you will get a better idea about which illnesses you should get coverage for. For example, if your family has a history of being prone to a certain kind of cancer, then check if the plan covers that particular type of cancer.

Get Your Critical Illness Insurance Today!

You can start by checking if your insurance provider can extend your existing policy to cover critical illnesses at an added premium. If that is not an option, then you can search for insurance providers that offer health insurance for critical illness and compare that options that are available and choose the right one. You won’t have any difficulty finding one that suits you the best. So, what are you waiting for? Get started right now!

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