Illness can come unwarned and can catch you off-the-guard. While there isn’t much that you can do when it happens, here’s something that you can do before it hits you – buying critical illness insurance. While the market does gives you a plethora of insurances that you can opt for, here’s is all that you need to know about the critical illness insurance before you buy it. This will not only tell you the features of the insurance but, will also give you an insight as to how it helps you.
Here are some of the points that we will cover in this article:
- What is a critical illness insurance?
- Why should you buy it?
- How to buy it?
Let’s elaborate on these points:
- Critical illness insurance:
Critical illness policy is predominantly designed to offer coverage against some of the most life-threatening diseases. In today’s time, opting for the best treatment for your illness can be a challenge, especially when it comes to finances. The critical illness insurance, helps you seek a good treatment for your illness without draining out your funds. Which means, this insurance not only covers your hospitalization cost but also costs such as doctor visits, medical expenses, etc. will also be covered in this insurance.
Plus a critical Illness policy also pays you a lump sum amount which can be used to cover other high expenses of your treatment.
- Benefits of a critical insurance policy:
Apart from the coverage, here are some of the other benefits that come along with this insurance.
- Tax deduction benefit
- 100% benefit payout, if diagnosed with a terminal illness
- Protection against disability
- Accidental death benefit to the nominee
- Critical illness benefit
- How can you buy a critical illness policy:
There are a couple of ways to approach the buying of critical illness insurance.
- Through financial institutions: you can directly approach a bank or check their online application for buying this insurance.
- Through an agent: many life insurance policy agents also specialize in offering critical illness policy too. So, you can even approach agents who can help you buy this insurance.
However, it is crucial that you get a clear understanding of which policy suits your needs the best. Also, a critical illness insurance premium calculator will also help you get a better picture of how your finances will look like once you purchase the policy.
We know that illness – critical or not, can be terrifying; thus, it helps to be financially covered at such times. The critical illness insurance certainly does that.