Sudden Illness and injury are anxieties that most individuals have, which drives them to invest in insurance plans for the future due to the unpredictability of these conditions befalling a policyholder. The risk of being diagnosed with lifestyle-caused illnesses are on the rise today, as the high-compartmentalised and high-stress environments most individuals work in manifest themselves an unavoidable illnesses that detrimental to the health of the suffering but also the people who are financially dependent on them.
Individuals who are highly conscious of their health while keeping strict diets and regimens are also prone to medical conditions that may be critical or fatal in nature. Health insurance policies were therefore developed by insurance providers as a means for people to combat these anxieties and possibilities while being prepared for the future. Critical illness insurance is one of the most frequently invested in, where people insure themselves against illnesses such as cancer, heart disease, kidney failure etc.
Critical illness can be defined as medical conditions which prolonged sickness in a person where the condition if not rectified through invasive procedures, may worsen drastically and may turn fatal. Most common types of critical illness can be Cancer, Heart Disease, Kidney Failure, Strokes, Paralysis, motor neuron diseases, lung disease and more.
Insurance providers understand the universality of the manner in which critical illness effects people with rapid deterioration, therefore planning for the future and preparing for these situations is advised by most providers. They have incentivised investing in critical illness insurance by making it as accessible as possible to people across all income brackets.
Critical illness rider can also be additionally added to standard insurance plans as precaution on the policyholder’s part. This allows people to find financial stability and aid at in the event such a detrimental situation may arise, while protecting the policyholder’s dependents from financial stress.
Unlike the death benefit of a life insurance policy, which comes into effect when you pass away, you also have the option to sell your policy for a lump sum which yields far more money than surrendering your policy.
How a Critical Illness Plan Helps
Different from a mediclaim or standard health insurance, a critical illness plan aids a person with their medical expenses when they suffer from one of the illnesses listed under critical illness and require treatment for the same. The insurance providers process a lump sum payment to the policyholder to help them cover treatment, surgery and recovery expenses along with covering for any loans that may have to be maintained while the policyholder is unable to do so.
Mostly, critical illness insurance covers anywhere between 8 to 30 critical illnesses which are listed by insurance provider at the time of purchasing the same. The costs incurred in the course of treating these illnesses are usually high, without adding hospitalisation costs that the insured may have to be from their funds at the time of admitting.
The most detrimental aspect of a critical illness is the emotional and financial stress that the dependents of the insured undergo, who have to manage regular household and financial expense alongside the high costs of an on-going critical illness treatment. Due to the inflation of hospital rates, drug costs and treatments costs; it is imperative for people to invest in a critical illness cover as it eases all of these expenses while supporting the dependents as well.
Things to Remember Before Buying Critical Illness Insurance
1. Illnesses Covered
Before buying a critical illness policy, a person should go through the comprehensive list of diseases that are listed under their care. The list differs from one insurance provider to another, where a plan should be chosen which fits the needs of the policyholder. One should also have routine health check-ups and review the possibility of any hereditary conditions that they may be prone to.
2. Review Finances
If a policyholder has sufficient funds in place to support themselves through a critical illness treatment, they can opt for lesser coverage. This is advised to be done by policyholders who are not prone to financial strain while incapacitated by their illness as treatment rates are increasing at an exponential rate.
3. Coverage
As understood for most insurance policies, one should review their coverage requirements as per their needs and critical illnesses they may be especially prone to. Although standard health insurance policies can be helpful with their coverage, they cannot cover costly cardiovascular, kidney or lung diseases. Therefore one should invest in critical illness insurance plans as they offer ample coverage that goes above procedure costs and also helps out with recovery costs.
4. Compare
As mentioned earlier, many insurance providers offer critical illness riders that can be added to existing insurance plans at an added premium cost. These riders can be helpful in the event of illness, but before buying a critical illness plan; one should compare the costs and coverage between a standalone critical illness plan and a supplementary rider.
5. Exclusions
Specific illnesses and surgery procedures may not be covered under critical illness plan. Additionally, before purchasing a critical illness plan one should check the sub-limits the provider may have in terms of room costs, ICU charges at the time of hospitalisations. One should go for critical illness policies which have minimal or no sub-limits within their coverage terms.
In order to protect oneself and their loved ones from financial distress in a time as trying as suffering from a critical illness, one can reach out to Max Life Insurance and schedule a consultation. There are a number of plans available for prospective policyholders to choose from, all of which are made with the purpose of saving and protecting one’s financial well-being during illness.
