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Critical Illness Insurance Cover for the Self-Employed
- DetailsWritten by PolicyBazaar -
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Modified 16 November 2016
Health insurance is one of the most important requirements in today’s day and age. Given the alarming rate at which the cost of medical treatment is increasing, not to mention an increase in lifestyle-related diseases, it is important to ensure that you have a critical illness insurance cover policy that protects you against all kinds of scenarios.
It is particularly critical that self-employed individuals acquire adequate insurance, since they lose out on business, if they fall seriously ill. Furthermore, matters get only worse if they are the sole bread winner for their family. They can find themselves heavily in debt, with their family having to deal with mounting day-today expenses as well.
This is why self-employed individuals should either acquire a basic health plan with a critical illness rider or a critical illness insurance cover plan in itself. With a critical illness insurance cover, the amount paid by the insurer has no relation to the expenses incurred. All an insured needs to do is to provide proof of critical illness and they are paid the amount due.
So, how does one choose an insurance cover that not only pays for medical treatment but also safeguards a self-employed individual against a financial crisis caused due to illness? Here’s what you need to know while buying a critical illness insurance cover plan:
The type of Critical Insurance plan
There are two types of plans one can choose from – a standalone plan or a rider in addition to a basic health plan. While buying a critical illness policy, it is recommended that you go for a standalone critical illness plan as opposed to buying a rider in addition to a basic health plan. This is because a standalone critical illness policy covers a wider range of diseases and offers a wider cover. Furthermore, a critical illness plan that has been bought as a rider expires as soon as the basic health plan does.
Choosing the Right Cover and Duration
Critical illness policy covers health emergencies like heart attacks, multiple sclerosis, liver disease and cancer, just to name a few. Before taking up a critical illness plan, you need to check the diseases covered and whether it takes into account, various scenarios like treatment costs, recurring costs and unforeseen health emergencies. Furthermore, if you buy a critical illness plan for a longer duration, then you can enjoy discounts on premiums. Max Bupa, for example, provides a critical illness policy that covers 20 diseases, with discounts on the purchase of a policy for 2 years.
Age and medical history also play an important role while determining the sum insured. This is because the older the person gets, the more likely they are to develop chronic ailments. It is thus advised that one gets a critical illness insurance cover when they’re in their 20s. You should ensure that you take up a plan for the maximum duration, as the older you get, the tougher it gets to purchase a health insurance plan.
Read More: Why Should You Buy Critical Illness Plan
Before settling for a plan, you must do well to check the sum assured and calculate it against the amount required to treat serious ailments, since treatment for most critical diseases cost a lot.
Lump Sum Payout
What’s beneficial about a critical illness policy is that it does not just cover medical expenses. Many insurers provide a lump sum amount to the policyholder when a claim is made. This enables the insured to deal with not only medical expenses but the daily expenditure as well. The critical illness insurance cover is disbursed to the insured, irrespective of whether they undergo a treatment or the total cost incurred in the treatment.
Over to You!
If you’re a self-employed individual, you’ll definitely agree that regular income is not necessarily a guarantee. And that’s why it becomes all the more important for you to get a critical illness insurance cover to protect your loved ones in the case of a health-related financial crisis.
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