How Is Critical Illness Policy Helpful?

By Author: Andy Smith
Total Articles: 13
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Most people can argue that why should they go for a critical illness cover when they already have a health insurance policy to take care of their medical expenses. The reason for this is simple your health insurance does not cover every aspect of critical illness, which this kind of cover offers.

Here are some ways this kind of policy can be helpful.

Find cover for major illnesses
All the major form of critical illnesses remains covered under this insurance and it includes cancer, paralysis, stroke, vital organ failure, and coronary bypass, just to name a few. Based on the pre-determined list offered by medical insurance companies one can find out which diseases and procedures are covered under the same and make their choices based on this. However, it is necessary to remember that such policies do not give financial help regarding pre-existing medical conditions and congenital diseases.

Get money when you require most
Being diagnosed with critical illness can place a strain on your financial situation ...
... instantly. With critical illness cover, to lend support during such difficult times a person can start planning in accordance and find help whenever required. One can get amounts through such schemes in the range of one to over fifty lakh based on the company offering the policy. You do not have to pay monthly premiums in such cases but consider annual payments for renewing when the time comes.

Flexibility of offer
Critical policy offers flexibility to the insurance holder since they can choose between standalone policies or those that come with appropriate riders. Sum Assured comes to fifty or hundred percent of basic Assured Sum. By looking around it is possible to find a policy, which comes with inexpensive premium amounts ideal for your available budget.

Higher payouts
With the acceptability and awareness among customers increasing, it is nowadays possible to get higher payouts on your critical illness policy compared to ever before. With clear stipulations mentioned in the policy itself one can be sure regarding the illnesses covered and money, they stand to gain in such conditions. However, it is necessary to come out clean regaining your present health situation during the initial stages, which can do away with confusions later.

Different policies for different situations
When going for critical illness cover the companies consider various factors to provide the features, which are appropriate for the individual. Some of these considerations include the length of cover. How long one wants to remain under the protection of such policy can determine the premium amounts you need to pay. Medical history of the customer and the age factor are other components that can determine the expenses incurred for getting a sturdy critical cover.

A critical illness policy is helpful, but it is ultimately up to the person to select one that works.