When someone gets diagnosed with a critical health condition, they receive a lump sum of money from critical health insurance. Long term health conditions such as Cancer, Heart Or lung diseases, decapitation of arms or legs and parkinson’s disease etc. The coverage amount for such diseases is covered through insurance.
These diseases can leave your pocket dry. Managing everyday expenses gets really hard. Having the amount of the lump sum money from critical insurance can help you pay your bills. You can pay for mortgage or medical bills with this.
Apart from insurance money there are other income streams too. Such as if you are receiving sick pay from your employer or some kind of state benefits, you can use such money for anything you like. Being ill already takes a toll on yourself.
It is better to check certain points Before you jump into the decision of taking critical illness insurance.
● You have a life insurance policy which can accumulate and give you benefit in the time of your illness. Certain mortgages which also cover the amount of treatment also plays a vital role.
● The benefits that you are going to get from your employer.
● Savings can also accumulate and pay for expenses regarding the treatments.
Before taking up any kind of insurance, it is wise to match up all the possible insurance options then take the one Which suits you the best. For example, critical insurance includes limited options for illnesses and its treatments.
However, the income protection insurance concludes more illness conditions. These insurance policies also cover you for a longer time period. But keep in mind if service is higher then the price will also be higher.
Cost for critical illness insurance
Usually a critical insurance plan has high cost. Because their premiums are expensive. Imagine if you lead a healthy life and never get to use them or claim the amount then your money goes in vain.
Types of illness the insurance covers
Keep in mind that critical illness insurance will not cover just any sickness. You can claim the amount only if you are really sick. There is another condition which is if you get disabled for life then the insurance will cover the costs.
Coverage with critical illness insurance
There are certain things you need to keep in mind before taking the insurance policy. That is the amount of money you will get at the time of claim. If your premiums and deductibles are higher than the lump sum of money then the policy is not good for you.
Also it is good to check the type of illnesses which your policy will cover. The more illness the merrier.