Critical illness Insurance: Everything that you should know

Nowadays the moment we open the newspaper, we read about a case on cancer. And it just knocks us out of our place to think how rampant and common it has become. The C word scare has risen over the years, and to guard ourselves against it we have opted for a healthier lifestyle. But truth be told, diseases like cancer, also known as a critical illness, can happen to anyone at any time in life.

And cancer is just the popular evil in the list. There are some many more lurking in the shadows like, kidney failure, stroke, paralysis, meningitis, deafness etc. Critical illness is an uninvited guest that takes a huge toll on both health and wealth and doesn’t want to leave you or your family. So, how do we face such a difficult situation? Well, critical illness definitely takes a toll on your mental and physical well-being, but your financial health can be taken care of with the right insurance coverage.

So, before we understand what a critical illness insurance does, let’s understand what critical illness is.

Critical illness is a serious medical condition that deeply affects an individual’s health, lifestyle and finances. Some examples are illnesses such as cancer, sclerosis, coma, heart attack, paralysis etc.

Truth be told, critical illness can befall anyone at any point in life, although you might think the chances are pretty slim. You get yourself a health insurance, and you go on about life in the assurance that you are covered against diseases. But, as is the norm with life, the unexpected happens and you are suddenly confronted with an unfortunate critical illness. You turn to your regular health insurance to cover expenses incurred, but realize it might not be enough. Soon enough the tests, treatments, medicines wipe out your savings, leading you in a fanatical race for money management.

Now, what does Critical Illness Insurance cover?

Basically, critical illness cover or critical illness insurance gives the insured a lump sum amount in case one gets diagnosed with a critical illness that is usually not the case in a standard health insurance policy, where the hospital expenses are reimbursed. The best part is it takes care of all the expenses from A to Z – tests, treatments, post-treatment medicines, everything.

Now, there are a few life insurance term plans that come with critical illness benefits. But these don’t offer you the flexibility of a proper add-on that you get with your health insurance such as the lump sum amount pay-out. That is why, it’s always a better idea to go for a critical illness add on with your health insurance policy.

Now, why should you take critical illness insurance?

Critical illness insurance acts as a safe financial net, if something unfortunate happens. It not only gives a lump sum amount to the insured but also takes care of the hospitalization and medication expenses.  So, having a critical illness cover in your health insurance policy is in a way ensuring that you are always protected.

Benefits to consider for critical illness insurance in health insurance

The single-most important benefit of a critical illness cover is the upfront sanction of lump sum amount. Once a diagnosis certificate is submitted, the insured gets the lump sum within the chosen period of wait time. Or there is also an option to opt for hospitalization and medication expenses, in case of a critical illness.

Who should buy critical illness insurance with health insurance?

We feel something like a critical illness can only happen to someone who is old and not fit. But if we see around, the number of cancer cases amongst young people are increasing every day. Also, with top celebrities falling prey to such diseases, it’s time we start accepting that critical illness can happen to anyone. So ideally, anyone taking a health insurance policy should look at a critical illness cover as add-on too.

Things to keep in mind

When applying for this add on, you will have to choose from the list of illnesses for which you want the covers. To pick the ones relevant to you, analyze your lifestyle and heredity. Like if you have a very hectic job nature or if your family has a history of heart conditions, your choices become very clear. Also, choose a shorter wait time for lump sum over lesser premiums. In the hour of need, this will come to your rescue. Most importantly, make sure you read between the lines, from exclusions to the terms and conditions, so that you aren’t confronted with unpleasant surprises at the most critical moment of claims.

"You may never know what the future has in store for you. But you can always act at the right time to secure it. Like a wise man once said, ‘A stitch in time saves nine’." 

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