Why Should I Buy A Critical Illness Cover?

A critical illness refers to a terminal and life-threatening illness that might result in paralysis, disability, or death of an individual. Holding a health insurance policy might safeguard you against general medical expenses, but having a critical illness cover protects you from paying exorbitant hospital bills and also against the costs involved in the diagnosis and treatment of a critical or terminal illness. 

Most health insurance companies offer a critical illness cover against 13 major critical illnesses but some also include the payment of a lump sum in case of any disability or paralysis that you might suffer from due to an accident. There are many other advantages of having a critical illness cover and the following list will help you to better understand its benefits -

Why You Should Buy A Critical Illness Cover 

1. Lump Sum Payment 

One of the most important benefits of having a critical illness cover is the option of receiving the claim amount in a lump sum. The entire sum insured is paid to you by the insurance company, irrespective of hospitalization charges. This amount can be utilized by you to pay related medical test or treatment costs or settle any debt that you might have accumulated.

2. Simple Claim Process

Claiming a critical illness cover from your insurance company is a hassle-free process and hospitalization is not always necessary for you to claim the same. Your need for the claim can be ratified by submitting diagnosis and treatment reports and the settlement will be initiated by most companies within a period of one month from the date of filing the claim. 

3. Financial Cushion Against a Family History of Critical Illnesses

Critical illnesses such as a heart attack, a stroke, or renal disorder can affect anyone at any point in time and genetics play an important role in carrying over certain diseases from one generation to the next. People with a family history of diseases such as cancer or heart disorders have a heightened chance of being susceptible to such critical illnesses. Therefore, if you are aware of your family’s history of such ailments, a critical illness cover will be useful to you for a secured future. You will also be assured of the best possible treatment without pondering over how to meet the medical expenses. 

4. Supports You If You Are The Only Earning Member In A Family -

With our fast-paced and hectic work schedules, most people are becoming increasingly susceptible to stress-induced critical illnesses. If you are the sole earning member of your family, then it is absolutely imperative for you to secure a critical illness cover for yourself as well as for your family. The diagnosis of a critical illness is usually followed by very high treatment costs and a critical illness cover will ensure that neither your or your family’s long term investments are spent in paying treatment costs. A critical illness cover protects you and your family financially and also reimburses the fiscal exigencies faced by you. 

5. You Get Added Protection With Rider Benefits 

Riders are added benefits that come with many health insurances and critical illness covers that offer you an additional amount of money equal to 50% of the sum insured subject to the payment of some nominal extra charges. Riders also provide coverage against certain specific illnesses and if you are looking for a particular critical illness cover, this option will be helpful for you. It is a good option if you have a limited budget and want a plan that fits within your affordability. 

With increasing cases of heart and renal disorders, having a critical illness cover is very crucial. It ensures that you and your family get medical coverage and the best possible treatment without any kind of financial compromise. Critical illness covers form the perfect buffer between your dreams and medical emergencies by making sure that your long-term investments are not affected due to an unavoidable health crisis.