There is a huge misconception about critical illness insurance floating around out there. Many people believe that, if you have medical insurance, you do not require critical illness cover.
However, this could not be further from than the truth! The cost of healthcare today is on the rise. To make matter worse, the instance of life-threatening illnesses has also seen a steep increase. Combined, these two pointers drive home the important of a critical illness plan.Let’s take a look at some more reasons why critical illness insurance is so important.
1. The cost of such illnesses
Critical illnesses are not like your normal medical conditions. They usually require specialized and extensive care. Moreover, treatment usually goes on for months after the initial hospitalization. Therefore, such illnesses put a heavy strain on your finances.
Sure, your health insurance policy will help to a certain extent. However, the sum assured will soon run its course, leaving you with substantial expenses still to be covered. This is where the critical illness insurance can come in handy!
These plans provide a payout on the diagnosis of the illness. Usually, the payout under such a plan is quite large. This helps you cover cost with ease and ensures that you can focus on getting better instead of worrying about medical bills.
2. Covers the loss of an income
Since critical illnesses involve such extensive treatments, it could result in the loss of an income. Without an income, it would be hard to cover EMIs, bill payment and numerous other outgoings. However, this is where the payout of the critical illness insurance will step in and help cover your expenses!
3. Covers non-medical costs as well
The cost of a critical illness can put you under financial stress. Your health insurance plan will help you cope with medical expenses. However, it will not cover your general expenses. This is where the payout of a critical illness plan can help. You can use the amount provided under the plan for any of your expenses, medical or otherwise.
How to buy critical illness insurance?
Most health insurance plans offer critical illness insurance as an add-on. You can get this amazing cover just paying a little extra premium with your existing health insurance policy. Alternatively, you can buy a separate critical illness cover either from your current service provider or another health insurance company as well.
Experts always advise against a separate plan as it can get difficult to handle – there will be a separate policy document you need to handle, a different renewal that needs to be made every year. Having critical illness insurance added to your existing plan make things much easier and also ensures you get the cover you need.
So there you have it! Those were 3 of the most important reason why it is essential to have critical illness cover. Therefore, if you do not already have this vital form of coverage, make sure you get it as soon as possible.
Hope this has been helpful, good luck and all the best!