Insurance

Things To Consider When Buying Critical Illness Insurance

A crucial part of taking care of yourself and your family involves taking care of your health. While advances in modern healthcare have added to the average life expectancy, a longer life does not mean a healthy, disease-free one.

Since health emergencies can affect anyone at any time, it is advisable to always be prepared for them. Preventative measures like living a healthy lifestyle are essential. But to be fully prepared, you cannot ignore the financial aspects.

Serious health conditions can leave a significant dent in your finances which is not covered by regular health insurance. For such instances, having a critical illness insurance plan can help.

Critical illness insurance policies offer cover for over 30 serious health conditions, including heart attacks, kidney failure, organ transplant, multiple sclerosis, and more. Most of the critical illness plans available will also include a life cover.

Buying critical illness insurance can be the apt choice for most people, especially those who are at risk of any of the conditions covered by the plan. It ensures that you can focus on getting the right treatment for your condition while keeping your loved ones financially stress-free.

Factors To Consider When Buying Critical Illness Insurance

If you are considering buying a new critical illness policy, choose a plan that is right for you. To begin with, here are a few factors you should consider when buying a new critical illness insurance policy.

  1. Plan Coverage

Before buying any type of insurance, ensure that you take the time to understand the plan well and what it has to offer. This applies to critical illness plans as well. Start by comparing plans and shortlist the ones you find suitable. Check which ailments are covered by the plan. Understand the various options offered by the plan, as well as the claim process, well.

  1. Your Budget

Your future cannot be secured at the cost of your present. Your plan sum assured should suffice to cover any costs that may arise from a critical illness diagnosis in the future. However, it is also important to ensure that your plan premiums for this sum assured are not burning a hole in your pocket today. Using a critical illness premium calculator may help you find the right balance. Choose a plan that offers relatively affordable premiums for the features, and the sum assured you would like.

  1. Your Present Health Conditions

If you are currently dealing with minor health complications, the chances of these complications further evolving into more serious conditions are relatively higher. Furthermore, if you are a habitual smoker, it may also add to your risk of critical illness. These risk factors may add to your premium cost but also add to the necessity of having such a cover.

  1. Plan Exclusions

Most critical illness insurance policies offer cover for a wide range of conditions. However, the list is finite, and it may not offer cover for a condition you may be at risk for. When buying a plan, take a look at what the plan does not cover. It is as important as knowing what the plan offers.

Buying critical illness plans can help you rest easy about the future. Even if you were to be diagnosed with a serious condition, having the right plan can help you focus on your health rather than worry about your finances. Before you buy a plan, compare the available plans, use a critical illness calculator, and choose a policy that suits you best.