Why To Buy Critical Illness Health Insurance Policy Early in Life
Updated On Feb 12, 2024
Table of Contents
Being diagnosed with a critical illness such as cancer, kidney failure, stroke, or any other is enough to give sleepless nights to an entire family. While bearing medical costs related to basic treatments, in general, lays heavy on the pocket for most people in India, the discovery of oneself or a loved one struggling with a life-threatening disease makes the situation even worse. The first thought that comes to the minds of most people, when they find out about their or a dear one’s critical illness is money. They start thinking about ways to arrange money for the treatment costs. Many question themselves whether they can even afford the treatment in the first place.
If you have a family history of critical illnesses or fear a lack of finances in case of a critical illness diagnosis, go ahead and buy a critical illness policy today. Yes, even if you are young, fit, and healthy at present. Don’t forget, your critical illness policy will help you and your family get through the toughest times in terms of health and finance.
Do not delay buying an ideal critical illness policy thinking you or your family may never require it or you will buy when the need arises. Furthermore, do not think your existing health insurance will cover all the critical illness treatment-related expenses. Why? Simply because it may not.
Reasons To Buy Critical Illness Health Insurance Policy Early
Buying critical illness in the younger years has its benefits. Take a quick look at the below-mentioned list of reasons that make critical illness policy purchases in the early years of life a massive boon
1. Low Premium Amount
On buying a critical illness health insurance plan in your 20s or 30s, you will benefit the most in the premium aspect. Since health insurance companies charge less premium from young individuals, owing to less risk of illnesses, you would be able to save a significant amount of money and utilise it in any other area. In a few words, you will be able to gain massive protection in less amount.
2. Lump Sum Amount
Health insurance companies pay a lump sum amount when the policyholder is diagnosed with a critical illness. So, suppose any of your family members is diagnosed with any covered life-threatening condition. In that case, you won’t have to spend your savings or pay debts to get the diagnosis and treatment expenses covered.
3. Cover for Related Expenditures
Undoubtedly, payment of a lump sum amount is one of the best features of critical illness policies. Policyholders who get a significant amount from their health insurance company utilize it for treatment as well as expenses related to treatment such as traveling. In fact, the policyholder is also free to use the money as they want, even if it means spending the money on the children's school fees, paying home rent, and various other expenses. So, if you are a sole-earning individual in your family, you won’t have to worry about cutting the other costs to pay for the critical illness treatment.
4. Unaffected Family Lifestyle
In case of a medical crisis such as a critical illness, the lifestyle of the entire family is affected in a significant manner. The young & only breadwinners of their home will understand the struggle to maintain the family lifestyle while paying for critical illness treatment besides other necessary expenses. With a critical illness policy by side, it becomes easy to lead a comfortable lifestyle without making compromises of any kind.
Conclusion
Critical illness is not time-bound and so is the purchase of a critical illness policy. It is always a smart move to be prepared with one of the best critical illness policies so that even if the need arises, nothing changes broadly. So, even if you don’t feel the need for a critical illness policy, go ahead and buy it. Rest assured, you won’t regret your decision.
Also Read: How to Compare Critical Illness Plans?
Why Critical Illness Insurance is a Must?
Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the article's contents as conclusive and should research further or consult an expert in this regard.
