Critical illness policy is a part of health insurance policy which probably requires more amount of premium when compared to the conventional health insurance policy. Additional out of pocket expenses is the sole reason that most people don’t prefer the critical illness policy. However, benefits of the critical illness policy are surely more than that of the normal policy as the coverage of critical illness policy can also be used in serious illness and diseases like cancer, heart attacks, kidney related diseases, Brain tumor, etc. Critical illness policy also has a more insured amount which can be availed after the coverage period is completed.
Guide For Buying Critical Illness Policy
Other than that of conventional health insurance policy, the claimed benefit of critical illness policy is more and can be used in the treatment of severe illness. Treatment of diseases like cancer normally requires more amounts for treatment which will be difficult for middle-class people to manage. In this situation, critical illness policy can be supportive by providing maximum treatment amount from the coverage amount. However, the additional premium cost of critical illness policy makes us think about the need for the policy, but it is safer to buy that as it can be probably useful in old age.
- Critical illness coverage: – One should go for the standalone critical illness policy that assures maximum coverage when needed. Comparing different policies form different insurer is one of the smart ways to get a beneficial policy. However, most people don’t apply for critical illness policy if they don’t have any symptom of heart or brain-related diseases at present. The insured amount can be claimed only when the diagnosis is completed and certified that the patient is suffering from critical heart or brain-related diseases. Maximum coverage in such critical conditions can be surely beneficial from all aspects, and thus one should prefer the policy with maximum coverage.
- A waiting period of critical illness policy: – While securing a critical illness policy, one should consider the waiting period too as a long waiting period or faster renewal time will be of complete loss. If the insured cant secure the amount when there is most need of the amount in critical conditions then probably the out of pocket expenses will be a loss to the family as well as an insured person.
- The claim of critical illness policy: – Although buying of critical illness policy from an insurer is as simple as that of the conventional health insurance policy; the insured amount is applicable only for certain diseases such as few heart-related problems, paralysis, brain tumor, etc. One should pick the policy which has more options in the chart to claim for the insured amount. Renewal of critical illness policy should also be for a longer time as the need of it arrives mostly in old age. 75 to 80 years of age is the perfect time for renewal of critical illness policy where claim benefits can also be more based on the premium costs.
- Financial stand: – Chose to get a critical insurance policy as they are expensive in terms of premium cost when compared to the conventional one. Although, it can cover maximum medical expenses even in multi-specialty hospitals for the treatment of cancer or any heart-related diseases. Financial status is more important in this case as the benefits of the critical illness policy are roughly applicable only to certain illness which 36 in standard health insurance policy.
Do consider your present health condition and the financial status to invest in the critical illness policy. If you have chances of the severe illness which may be hereditary or may be due to external factors, then you should surely give a try for critical illness policy with a compliment to the secured health insurance policy. A critical illness policy from a private insurance company will be more beneficial if you already have a health insurance policy from other company.
The Benefit Of Buying A Critical Illness Policy
A critical illness policy is an additional benefit layer upon the conventional health insurance policy. Normal health insurance can help only in a few cases for some medical expenses up to some extent but cannot be fully supportive in critical illness such as cancer, paralysis, etc. Owing a standalone policy will be helpful mostly in uncertainties that most people may face in their old age or all of a sudden in their youth. Having a critical illness policy at an earlier age is of huge benefit as most of the medical expenses can be covered by the insured amount. However, it is recommended to give a shot for critical illness policy only if you have a doubt on your present health condition or may be due to hereditary reasons as it has more premium cost then normal health insurance.