When was the last time you thought about your health insurance? For most of us, it’s something we only think about when we get sick or go to the doctor. But what about those times when you need more than just a doctor visit? What if you get seriously ill and need extended care? This is where you can be of support to you. Critical illness cover is designed to cover the costs of long-term care if you should ever become seriously ill with one among a specific list of illnesses.
Let’s explore what critical illness insurance is, how it works, and whether or not you should consider getting it.
What is critical illness cover?
Critical illness cover is an insurance policy that pays out a lump sum if you’re diagnosed with a specified critical illness. The money can be used to help pay for treatment, make adaptations to your home or replace lost income.
Most policies will cover you for a range of serious illnesses, including cancer, heart attacks and strokes. Some policies will also cover you for less common conditions, such as multiple sclerosis and kidney failure.
There’s no single definition of what constitutes a critical illness, so it’s important to check the terms and conditions of your policy carefully.
Critical illness cover can be an important safety net if you become seriously ill. It can give you the financial security to focus on your recovery and support your family at a difficult time.
Key features of critical illness covers:
There are a few key features to look for when you’re shopping for critical illness coverage. First, you’ll want to make sure that the policy covers a wide range of illnesses. The last thing you want is to be diagnosed with an illness that isn’t covered by your policy.
Second, you’ll want to make sure that the policy pays out a lump sum benefit. This will give you the financial security to cover your medical expenses from diagnosis to treatment and even make up for some of the lost income if you’re unable to work.
Third, you’ll want to make sure that the policy has a high coverage limit. This will ensure that you’re able to cover all of your expenses if you experience a serious illness.
Finally, you’ll want to make sure that the policy does not impose an unreasonably long waiting period. This ensures that you’re not left without coverage if you develop a critical illness shortly after buying the policy.
How to select an ideal critical illness insurance plan?
Here are some aspects to consider while choosing your ideal critical illness cover.
1. Coverage amount: How much coverage do you need? This will depend on your personal circumstances and financial situation. Consider your current income, debts, and other obligations. Also, think about how much money you would need to cover your expenses if you were unable to work for an extended period of time.
2. Policy limits: Most policies have limits on the maximum benefit payout. Make sure the policy you select has a high enough limit to cover your needs.
3. Deductible: Some policies have a deductible, which is the amount you must pay out-of-pocket before the policy pays benefits. Choose a policy with a deductible you can afford.
4. Coverage period: Most policies have a set coverage period, typically 10 or 20 years. Make sure the policy you choose covers you for as long as you need it.
5. Premiums: Premiums for critical illness insurance vary based on factors such as your
In conclusion, critical illness insurance is a vital form of protection for you and your family. Make sure you are fully aware of the coverage you have and consider adding it to your financial safety net. Chola MS offers you a wide range of health insurance options for you to choose from. From Critical Healthline to Flexi health, there is a right-fit plan for every need.