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Why Is It Advisable To Avail A Critical Illness Insurance

By Author: ETLI
Total Articles: 3

A critical illness insurance policy is a great way to deal with the expenses related to any unforeseen medical emergency that may arise in the future. A critical illness may be predictable in many cases, where the individual has a family history of ailments, which adds to the probability of him/her of suffering from the same in the future. On the other hand, a critical illness may be sudden and soul-crushing for the individual, with the burden of vast medical bills, inability to work, and probable loss of income.

Obtaining a critical illness policy, hence, is a must for people who can afford it since it can stave off, and help mitigate, disastrous financial consequences that may arise if they contract a critical illness in their lifetime. A critical illness insurance policy can help policyholders with the following benefits,

Payment of Medical Bills –

Getting diagnosed with a critical illness is in itself a horrifying experience, but this is made worse when the person who’s been diagnosed with the critical illness is unable financially to pay his/her medical bills and other treatment expenses. With a critical illness policy in place, people can rest assured that they will be looked after, as best as possible.

Upfront Lump Sum Payout –

Unlike a health insurance policy, a critical illness insurance policy provides a lump-sum amount of money at the time that the critical illness is diagnosed. This is very helpful since the policyholder does not have to shell out money from his/her own pocket to pay for medical and other related treatment expenses while waiting for the insurance money to come.

Critical illness insurance policies provide the insurance money up-front as soon as the critical illness has been diagnosed, providing highly valuable finances to cover the expenses related to treatment.

Protection Of One’s Life Savings –

Another fact to consider while getting a critical illness policy is that medical and treatment costs for critical illnesses can be quite exorbitant. It would be a shame to see one’s life’s savings get destroyed when one is diagnosed with a critical illness. With a critical illness insurance policy in place, one can rest assured that his/her life’s savings are intact and that all treatment expenses related to the critical illness can be taken care of without touching the same.

Source of Income in case one is unable to work –

A critical illness insurance policy, in addition to providing a lump sum amount of money at the time of diagnosis, also takes care of certain other expenses such as covering overdue debts and acting as a source of income lost due to hospitalization.

In this day and age with ever-increasing medical and treatment costs, it is highly advisable to get a critical illness insurance policy. However, one must be careful and thorough while evaluating critical illness insurance policies and compare the benefits to ensure that they avail the best policy for their individual need.

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