These days, the sedentary lifestyle of people has resulted in the rise of numerous health risk factors. In this fast-paced world, things have become quite competitive. And this has resulted in people not looking after their health and nutrition needs. Both professional and personal issues can cause anxiety, stress, and other conditions.
With such a hectic lifestyle, the possibility of critical illness in people is on the rise. Hospitalization, continuous diagnosis, dialysis, doctors’ fees, and medicines has become expensive. This may be the fairest reasons why one can consider a critical illness insurance policy.
Why Critical Illness Plan Is A Great Investment?
One of the primary reasons to invest in critical illness cover is that it provides you the assured sum in lump-sum in case you are diagnosed with a pre-specified critical illness. This way, you will not have to struggle to arrange money and can focus on getting better. If you are someone, who does not have a substantial saving on relying on, then it would be wiser to consider this policy.
When a critical illness will leave you homebound, what will you do about the utility bills, education fees, and other costs to maintain the well-being of your family? The lump-sum amount that you get from this policy will make sure that all the expenses are met in a timely manner.
Moreover, other than the medical treatment, costs like hospital visits, acquiring private rooms, costs of lab tests, home care, etc., cost a lot of money. You can use the lump-sum amount from the critical illness policy to manage all the expenses related to the hospital.
Although you are getting a massive amount, you do not necessarily have to pay a lot in terms of premium. The premiums associated with these plans are generally lower in comparison to the standard medical insurance plan.
Buy a Critical Illness Plan: Factors to Consider
A critical illness policy is the best health insurance cover that can protect you from financial loss in times of severe illness and medical needs. However, since there are a plethora of companies offering health insurance covers for individuals, it can be a little overwhelming to choose the best. So, here are some factors you should be aware of.
1) Know How the Plan Works
The first step to buying a critical illness cover is by figuring out how the insurance cover works. Under the cover, the insured gets the defined amount after submitting the diagnosis to the insurer. The sum assured is fixed and defined. The insured can choose to pay all costs (hospitalization, treatment, etc.) out of the CI amount, or decide on using it for other expenses. Get detailed information from the insurer before you make the purchase.
2) Checking for Exclusions
Prior to selecting the critical illness cover, it is imperative to consider checking for exclusions. Here, exclusions are scenarios that the company doesn’t consider. You need to check for the conditions when the insured does not get the claim benefits.
3) Calculating the Premium Amount
The money that the insured has to pay to the insurance company against the cover is the premium amount. Calculating the premium amount is simple. You can use an online health insurance calculator for the purpose. Before you buy the CI cover, calculate the premium amount.
4) Asking for the Waiting Period
The waiting period is the specified time during which the cover is not extended for defined illnesses/procedures. It is always advisable to check for the waiting period prior to purchasing the critical illness cover. In severe health ailments, it’s 90 days of policy period’s commencement. For the pre-existing health conditions, it’s for around 48 months. Thus, you need to buy a cover that comes with a low waiting period.
Final Thoughts
Considering the 21st-century lifestyle, eating habits, stress level, and pollution, it is better to keep yourself financially protected. Critical illness can happen at any age and at any point in time. Thus, to safeguard tomorrows, purchasing a CI claim can be a savior decision. Always be wise to select a CI insurance plan after going through the above-mentioned factors. Check for the comprehensive CI plans with maximum benefits and wider coverage. Most importantly, shop around to get the best deals.
