Are you also the one standing in the crowd of people who have a health insurance policy but don’t understand the process of availing their critical illness insurance policy’s functioning? It is obligatory to figure out the apt meaning and benefits of critical illness cover instead of living in some misconception and letting the benefits go in vain.
Generally, people are unaware that this policy only repays for the treatment of life-threatening serious diseases like cancer, heart stroke, paralysis, organ transplant, disability etc. It is essential to know every minute detail before signing up for the above.
The cover actually protects your pocket during the treatment of critical illness by providing a lump sum amount, if an insurer is diagnosed for the same. Apart from medical benefits, this policy plays a big role for people under the mortgage loan. This payment can clear the leftover mortgage balance thereby leaving no burden for the dependants.
It is necessary to inform your insurer about your family medical history and pre-existing conditions so that you don’t have any sorts of confusion with your cover. One might even need to undergo a medical test. And the rate of premium would be dependent upon your age and medical conditions.
It gives you the option to select the premium amount and choose out of the fixed and reviewable type. The fixed rates might not attract you at first because of the higher amount but they are sure to stay stagnant and give you peace of mind.
Numerous people carry a misconception that after the diagnoses of a specific illness, a claim can be registered but the insurers impose some sort of severity level on the illness condition detected and applicable for the claim. Diseases like cancer are not entertained at the first stage for claim settlement. Actually, all such details are mentioned clearly in the exclusion segment by the insurer before one sign up for the cover.
It is the responsibility of an individual to read the prints and enter the correct information related to his medical problems, as later declaration might not provide you with an option to change things.