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What do you need to know about Critical Illness Insurance

Updated on March 19, 2013

Do you want to protect your family against unexpected medical expenses? Although no one plans to fall sick, sudden and unexpected illness can cause a lot of mental and financial strain on you and your family. Even if you are fit and healthy, you can be unexpectedly down with illness. Critical Illness insurance can give you peace of mind and help you cope with the medical emergency financially.

What type of protection does this insurance provide?

The type of critical illness protection that you need will depend on your specific condition. The concept of one-size fits all does not apply to this type of insurance. It is always advisable to consult your insurance advisor, so that you are able to make the right choice.

The number of medical conditions covered under this insurance may vary from one insurer to the other. Heart attack, cancer, kidney failure, stroke, major organ transplant, coronary artery bypass and multiple sclerosis are some of the medical conditions covered by most insurers.

What to look for in a critical insurance policy?

Do not opt for the cheapest policy that is available, as it may not provide you the cover you need. Find a policy that suits your specific needs. It is not necessary to buy a policy that covers all medical conditions under the sun.

It is always advisable to do adequate research before you buy a policy so that it can give you adequate cover within your budget. Compare the benefits, costs and restrictions of different policies so that you are able to make the right choice. You can use a quick calculator to estimate the amount of insurance cover that you may need.

Before you buy any one of the insurance plans that are available, it is best to do a complete medical check up with the doctor so that you are able to determine the illness that you may be suffering or may be at risk.

Awareness about your health condition can help you choose the insurance policy that best suits your requirements. If you are already suffering from an illness, you may have to pay a higher premium.

How can critical illness insurance help you cope financially?

You may be able to receive a lump sum cash payment from the insurer when you are diagnosed with the specific medical condition covered by the policy. Some policies may also provide multiple cash payments but this may vary from one insurer to the other.

The critical illness policy can help you pay for treatments that are not covered by your health plan. You may use it to pay for your mortgage during the recovery period. If the treatment is not available locally, you can use the cash that you receive for travel purposes.

Good News

The good news is that when you opt for critical illness insurance, you pay a small price to cover major medical emergencies and the expenses associated with it. You may be able to get valuable financial protection so that you are able to make up for the reduced income caused by your illness.


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