All you need to know about critical illness insurance

1. All you need to know about critical illness insurance Most people go without hearing about critical illness policy unless your friend or relatives mention amidst health emergencies, such as cancer or heart attack. With increasing healthcare costs and increasing cases of cancer and heart conditions, critical illness insurance can save you from the financial ruins. Why buy critical illness insurance? Against the common assumption, a standard health insurance plan doesn’t provide complete protection against the huge expenses and hospital bills of a terminal illness. Moreover, depending on the policy you choose, the insurer provides the sum assured in a lump sum amount. Unlike traditional health insurance, critical illness plans cover out-of-hospital expenses such as daily expenses and transportation from and to the medical centers. Apart from these, a sum assured from critical illness plan can be used to cover a variety of expenses such as: Covering expenses of critical medical services that otherwise may not be available. Treatments that are not covered by traditional health insurance. Daily living expenses as a replacement of your income in case your health condition forces you out of work. How much are the cost and coverage? For the financial protection it offers, critical insurance policy comes with appealing low cost, especially when you buy the plan through your employer. Although these plans cost low, the plan pricing and premiums depend on various factors such as your age, gender, family medical history, as well as current health conditions if any. Also, keep in mind that the more terminal illnesses your policy covers larger the premium you’ll have

2. to pay. You can get the idea of how much coverage you will need and the amount of premium using the online premium calculator. The list of critical illnesses covered under the policy varies with the insurance company. Thus, shop around and find the plan that suits your needs. With the increasing cases of cancer and heart diseases in India, more people are facing financial emergency amidst the health emergency. Moreover, the stress of paying bills forces many patients, especially sole bread earners to work when they must spend their time and energy in healing. Protecting yourself and your family against that fate with a critical illness policy is a must especially if your family medical history highlights the risk of a terminal illness. Not only it covers a wide variety of expenses related to treatment and recovery, but these plans also provide child support and aid the family with the lack of income.