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Critical Illness Insurance

About Critical Illness Insurance
Critical illness insurance is an insurance cover that protects your savings when you become seriously ill by providing a lump-sum payment for the critical illnesses. Even though the type of illnesses covered by this insurance policy may differ from company to company, the most common types of illnesses covered include Alzheimer’s, paralysis, cancer, stroke, heart attack, organ transplants, and blindness, among others.

How it works

The cover that you get from the insurance policy may also differ depending on the severity of the illness and the other conditions that may be associated with the illness. For instance, if you’re diagnosed with treatable cancer that doesn’t take too long to overcome, you may not be eligible to file a claim for this type of insurance policy. Furthermore, you cannot purchase the policy for a preexisting condition or disease. Besides reading the policy cover extensively, you should also ask the insurance representative or agent to give you a detailed explanation about the pros and cons of taking up the cover before you sign any documents.

Who is it for?

It’s important for everyone to consider the existing advantages of other existing insurance policies such as life insurance and group health insurance before purchasing critical illness insurance. For example, it’s possible that the group disability plan from your employer can fully support your critical illnesses during times of emergency. You should also evaluate your personal financial status to weigh and decide whether you may incur substantial losses in case you get diagnosed with any critical illnesses without an insurance cover. Typical public and private health insurance policies will not support you during ongoing treatments and day-to-day expenses for home care and day care.

Benefits of the insurance

The cost of the insurance cover depends on factors such as age, medical conditions, the number of illnesses being covered, and the insurance service provider. Overall, the younger and healthier you’re, the lower the cost of the insurance cover. You ought to consider all your health care needs and dependent’s obligations when purchasing the cover.