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It is no surprise that health has been at the forefront of most conversations this year. But, even before the Coronavirus pandemic, we had several problems to worry about regarding our health.The unfortunate truth is that innumerable threats are surrounding us at each moment of every day.
When we compare our lives to a decade ago, the lifestyle change is staggering to realize. Besides that, the increasing expenses of living also add to the stress in life. Simply put, it is a recipe for a health disaster. This is the reason why there is a greater need for insurance tools like a critical illness policy.
Apart from taking measures in your daily routine toremain healthy, you should look at your financial health. Ensuring that your family is financially protected in the face of a medical emergency is the one thing under your control. A critical illness policy is what you need to do precisely that.
Why Do You Need Critical Illness Policy?
A critical illness policy will give the insured financial security against severe medical emergencies. You will be covered against a comprehensive list of life-threatening ailments such as cancer, heart attack, kidney failure, and paralysis, with a critical illness policy.
In India, it is expected that there would be a total of 0.60 million cancer-related deaths by the year 2026. With each passing year, the number of people suffering from such critical illnesses is rising. Even when you live a relatively healthier lifestyle, you may become vulnerable to such diseases.
Adding a critical illness policy to your financial plan will be in your best interest. There are also options to add a critical illness insurance rider to a base term plan if that is preferable to you. You can create a comprehensive coverage plan for your loved ones by doing so.
Before you purchase a critical illness policy, you should make sure that it provides the appropriate benefits.
Follow these five wayswhile purchasing critical illness insurance to be prepared for medical emergencies:
- Choose a Suitable Sum Insured
The sum insured in an insurance plan is the amount of money that the insurer promises to pay upon the claim. With a critical illness policy, you must make sure that the amount is enough to cover the possible medical expenses.
As the policyholder, you need to decide the adequate sum insured for your critical illness policy. Consider your debts and assets to make a well-rounded decision. A critical illness policy with an insufficient sum insured will only cause disappointments in the future.
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- Check The Diseases Covered
Depending on the type of critical illness policy and chosen insurer, the benefits may vary. It is important to check the policy details before making the purchase. Typically, the critical illness policy will clearly state the diseases that are covered under the plan.
Before you sign a contract with the insurer, make sure you are familiar with the details of the critical illness policy. You can plan your finances in life efficiently when you are better informed. Hence, ask questions and confirm any doubts from the insurer.
If you want to enhance term insurance benefits by adding a critical illness rider, the provisions may differ from a standalone plan. It may help you to compare different plans to get a better sense of your requirements.
Dig Deeper into Policy Exclusions
As mentioned earlier, the features of each critical insurance policy may not be the same. Certain conditions may not come under the coverage of similar plans. In general, you must ensure that it covers medicine charges, pre, and post-hospitalization, and other treatment-related expenses.
Moreover, it is important to look for diseases that are not included in the critical illness plan. For instance, there are different stages of cancer, such as early or major/advanced stage. The provisions of your critical illness policy may not include certain types or stages of cancer.
- Select a Long Policy Duration
You never know when a medical emergency may happen. The purpose of critical illness insurance is to make sure you are covered under any circumstances. Thus, it may be favorable to go for a plan that provides coverage for an extended period.
Also, you should check the waiting period of the critical illness policy. It is the period after buying the plan during which insurers do not accept claims. It may be a few days, or months, depending on the terms of the policy you buy.
- Consider Your Current Medical Conditions
Most insurers require a medical examination of the insured person before providing coverage. It is to make sure that the policy is tailored to their specific requirements. If you have a pre-existing health issue, it may cost more to buy critical illness insurance.
It is vital to remember that it is precisely why you require the coverage of a critical illness policy. In case you are more vulnerable to medical issues, the insurance policy can take the financial worries off your mind.