You may think that having a health insurance policy is enough and in most cases, it might be but does it offer you sufficient coverage if you develop a critical health condition? A health insurance policy covers ailments that could be treated over time, however, a Critical Illness policy covers fatal medical conditions such as paralysis, kidney failure, heart attack, liver cirrhosis, lung diseases, cancer, etc. It provides you with financial compensation to cover the high medical expenses incurred by you in case of critical illness treatment. On diagnosis during the policy term, the insurance company gives you a lump sum financial compensation to pay for preliminary treatment, surgery and even post-treatment care.
Here are a few things you should keep in mind before buying a Critical Illness Cover:
Inclusions
Review the list of illnesses carefully, especially the time period of the policy and at what stage of the illness it would be implemented.
Exclusions
Know what is not covered and how it may limit you while buying the Critical Illness Cover.
Policy benefits
Take careful note of additional benefits offered under the Critical Illness Policy.
Filing claims
The payout structure of the Critical Illness Policy is curated differently from other types of policies so one needs to be meticulous with the complete claims filing process.
Age limit
Knowing the maximum age limit of the policy is vital. Many insurers offer health check-ups to monitor your health status pertaining to your age and condition.
Survival period
To benefit from the Critical Illness Cover the policyholder needs to survive a certain period from the date of diagnosis. The shorter the period, the greater the chances of you using the coverage.
One can’t deny the many advantages of Critical Illness Coverage. It can be of monumental help to you if you get diagnosed with a fatal illness. Those who have a family history of critical illness or are the sole breadwinner in their family can consider going for this kind of insurance policy.
