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Who Should Buy Critical Illness Insurance?

Published On Mar 17, 2021, Updated On May 11, 2021

Covid-19 has made it apparent how crucial a health insurance policy is for everyone. While the pandemic is undoubtedly a serious and life-threatening occurrence, it is still a standalone threat. Critical illnesses are more severe, serious and chronic in comparison to the Coronavirus and can affect a person at any point of their lives. Whether it be borne out of an accident, a genetic cause or a pre-existing medical condition, securing ourselves with a critical illness insurance is of prime importance in the gamut of healthcare products. It offers financial stability and ample coverage of medical expenses, not just to the policyholder, but to their nominees as well, in the unfortunate and untimely occasion of their death. Therefore, buying a critical illness insurance ensures the overall well being not just for yourself, but for your loved ones as well.

Typically, a critical illness insurance provides a lump sum benefit that is payable for the treatment costs of certain specified illnesses and if a surplus amount is left after paying for your healthcare expenses, you can use it for repaying your loans or debts elsewhere. But, there are certain misconceptions about the eligibility of critical illness insurances. Dispelling your myths, in this article, we are going to talk about who can be eligible for critical illness insurance and avail the benefits. To know whether you can buy a critical illness insurance or not, take a look at the list of pointers given below -

Who Should Buy Critical Illness Insurance?

1.Individuals With A Critical Illness

True to its name and conforming with its literal meaning, any individual who suffers from any critical illness can invest or buy critical illness insurance. Most insurance companies offer coverage for 36 major critical illnesses such as renal failure, cardiovascular disorders, tumour and cancer. People who have already been diagnosed with any one of these diseases of those specified in the policy documents will be eligible for a critical illness cover. However, some insurance companies come with a waiting period before which they cannot avail the different coverage benefits of such critical illnesses and you must carefully read the policy documents to find out the same. Usually, most critical insurance providers have a waiting period of a few months to almost 2 years, you should look for a policy with a shorter waiting period to enjoy the maximum benefits.

2.Individuals Without Income

 Individuals without an income need not worry about not being eligible for a critical illness insurance. Contrary to popular notion, people without a regular income can also be eligible beneficiaries of a critical illness cover as these types of insurance policies come with a lump sum as an income replacement option. Any person who has suffered any kind of temporary or permanent disability due to an accident can easily be a critical illness insurance policyholder. By ensuring a direct flow of funds, it enables the continuity of their medical supervision until recovery.

3.Individuals Who Need To Pay Non-Medical Costs

Critical illness insurance plans can pay for non-medical costs as well. The money assured under the insurance policy can be used by any person to pay for transportation, child care or to repay any loan or debt that they might have accumulated over the years. The lump sum payment option under most critical illness insurance policies are dependent upon a number of factors such as the amount and extent of coverage, the sex, age and health of the insured, icnluding their family’s medical history.

4.Individuals Who Need An Additional Benefit 

Individuals who are looking to augment their sum assured with an additional cover can buy critical illness coverage, where, in addition to the base sum assured, they will be paid a critical illness sum. In such cases, the life insurance policy continues with the same sum assured, even if the critical illness coverage is used up, thereby promising complete financial protection.

Take Away

While there are a host of other possibilities that affect the eligibility of a policyholder from one insurance provider to another, the above pointers include some of the most generalized and accepted aspects of eligibility conditions for critical illness insurance policies. In addition, adults over the age of 18 or infants as young as 3 months can also be eligible for critical illness insurance plans, subject to certain other conditions. The above list is only suggestive and you are advised to look for specific terms and conditions for your insurance provider before buying a critical illness cover.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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