Things You Must Know Before Buying a Critical Illness Cover
In the current times, a certain amount of awareness has spread in terms of health insurance and how an adequate cover could offer you complete protection during a health emergency. Also, having a health insurance today has also become mandatory to save your money towards hospitalisation and treatment and to avail tax benefit. But you might not have still given much thought towards how you could cope with the treatment if you are diagnosed with cancer or any such devastating disease and the expenditure associated with it. The entire treatment could come up to several lakhs, which is beyond what your health insurance can cover. And, along with this expenditure, you also have to take care of other expenditures associated to your living and family, child’s education, loans, EMIs, etc. This is when critical illness cover comes to your aid.
Various health insurance companies are now offering critical illness cover which could be bought along with your health insurance policy or as an individual policy. Before buying the policy, the most important thing to be aware of is that these policies do not cover each and every condition. The policy wouldn’t cover each and every disease like severe cold and cough, stomach infection, fever and the like. This policy would only cover severe diseases like paralysis, cancer, stroke, multiple sclerosis, major organ transplants and other diseases on similar lines. It is also important that you are well aware of the restrictions. For example, all polices would cover cancer, but it won’t essentially include all types of cancers. So it is important to assess the diseases that would be covered under the policy before you make the choice.
The other very important thing you should be aware of is that these insurance covers are not your life insurance covers. Thus, this insurance does not cover your family if you pass away. Life insurance covers death, but critical illness would only pay towards your critical illness by offering you a lump sum amount which could be utilised towards medical treatment or to continue with your lifestyle needs. This means that if you have this cover and are diagnosed with one of the critical illnesses, you will receive a payment from your insurer, and you can use it as you wish during hard time! Along with all these, it is also important that you break the myth that these insurance covers are expensive. The fact is that this insurance cover is quite affordable and its cost differs depending on numerous factors; like your age, sex, family history, occupation and many such things. Some companies also make you fill in a medical form and sometimes even ask for a medical examination. So, the younger and fitter you are, the cheaper is the cover for you.
One very important thing that you should know is that you should do research, compare costs and then buy the policy that meets all your requirements. Remember that critical illnesses cover is an important economic safety net and you should have it as it will help you in adverse situations. For more information visit: Critical Illnesses and Personal Accident Insurance.
