Given the uncertainty associated with your life and health in general, it is always wise to ensure that you have adequate cushion to fall back on during medical emergencies. Often, simply investing in a health insurance policy might not be enough. If you are hit by ailments that require specialised care, like cancer, strokes etc., all your expenses will not be covered by your insurance provider and you will have to shell out money from your own pocket. In such a situation you can consider buying a rider for a critical illness insurance to cover your family and yourself against acute ailments.
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Ideally, a critical illness insurance makes a lump sum payout when a disease of a grave nature is diagnosed in the policy holder. However, do not take it as a substitute for your basic health insurance, as it an ideal add-one coverage to your regular insurance product. It is a fixed benefit product, which will pay you the assured amount once the diagnosis of the disease is complete.
The first thing to keep in mind when you are considering the purchase of a critical illness policy, is the family structure that you have, your present age and your dependents, especially aging parents. Having senior citizens in the family might signal that you need extra coverage for sudden ailments like strokes etc. With a family that depends on you, a critical illness policy will be an additional layer of safety for your loved ones against unprecedented illnesses which may affect your financials. Hence choose a critical illness policy that will offer you sufficient financial aid so that the other needs of your family are not compromised with.
Your present health might be a deciding factor whether you should buy a critical illness policy or not.If you are a habitual smoker, have a hectic work life with related stress, you are more vulnerable to health problems in the future. Therefore, it is always wise to begin early so that there are lesser hassles to confront. Being a smoker, however, might raise your premium slightly. Keep in mind your family’s history of ailments as you might be susceptible to such similar health challenges going ahead.
If you believe that your present financial situation is sturdy enough to combat any unprecedented health issues, you can consider opting for a critical illness insurance policy with a smaller coverage. No matter how well you are earning presently, you must keep in mind that health care costs are rising by leaps and bounds and further inflation in the healthcare sector is inevitable. Therefore, keep all these factors in mind before deciding on the sum assured.
Being hasty with insurance is never a good idea. Although a critical illness insurance might not be your primary health insurance Plan, it is important nevertheless. Hence before selecting one, go through the list of illnesses covered to know if most critical conditions will be covered by the insurer. Alongside, make sure you read the terms and conditions thoroughly to be aware of the exclusions in the policy. Often, it is difficult to understand the policy wordings as put forth by the insurer. If you have any doubts regarding any terms, make sure you talk it out with your agent before signing the papers.
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When selecting your critical illness insurance, make sure it is in symmetry with your health insurance policy, so that you get adequate coverage at a reasonable price. Both put together, should cover all aspects of health care so that your health insurance portfolio is secure.
A critical illness insurance policy is an additional layer to your health insurance, keeping in mind the uncertainties that life throws our way. So invest wisely and live peacefully!