A critical illness insurance is a specific type of medical insurance that offers financial support to the policyholder during severe medical issues. It differs vastly from other health insurance available in the market. Every individual has different needs and thus, the medical insurance they choose should be according to that. For example, if you have a previous history with a severe disease or are currently undergoing treatment for the same, then having critical illness insurance can relieve the financial burden.
Factors that you need to consider before obtaining the critical illness insurance
A critical illness insurance is a unique set of health insurance plans that provides monetary help to the policyholder during severe medical issues. Here are a few factors that you need to consider before purchasing the critical illness policy:
● Family medical history of the policyholder
● The health insurance of the policyholders
● Sex and Age of the policyholder
● Details of the extent policy coverage
Because these factors are quite similar to the other policies, you have to be a bit careful. Now let’s see how critical illness insurance helps you and check whether it suits your requirement or not.
Uses of Critical Illness Insurance
Critical illness insurance offers you the accessibility to the medical treatment that is not covered under a normal health plan. Most importantly, this policy helps in getting medical care that is usually hard to get because of the expenses. This medical insurance will assist you with your everyday living prices. Hence, those who are ill can focus on recovering without worrying about their finances. Ranging from transportation, hospital accommodation charges, doctor’s fees, treatment (including surgery), expenses related to prosthetics, etc., all can be covered under the same policy.
Generally, the critical illness insurance is not that flexible because it only covers life-threatening diseases. But, you don’t have to think about the money if you suddenly get seriously ill and fail to continue your work. The coverage is quite helpful in dealing with and handling terminal illness. The Fund that is received from the insurer is a lump-sum that will help you overcome the financial crisis immediately.
What is covered under the Critical Illness Policy?
Here are some of the examples of the diseases that are covered by the insurance of critical illness:
● Heart surgeries or Attack
● Organ Transplants
● Any cancer
● Liver failure
While purchasing the insurance policy, one must be cautious about the factors, such as reading about the policy correctly and checking whether it serves the situation. It might be flexible, but the policy also has some limitations. For better knowledge, you are advised to choose an insurance company that will educate you about the plans so that you can make an informed decision.