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Insurance Article

Things To Know Before Choosing A Critical Illness Insurance

February 26 2018
Critical Illness Insurance

A critical illness insurance can provide the right financial support in times of need and, help save your life

Critical illness insurance can prove to be a saviour when often without prior warning, we are afflicted by a serious health condition. To tackle such circumstances which test our mental, emotional and financial preparedness; prior thought and a wise investment in a good policy is the best decision we can make for ourselves and our family. Here are a few tips that will help you choose the correct plan to invest in.

Consider What Your Insurance Policy Includes

Critical insurance covers pay you a lump-sum amount, free of taxes, in case you are diagnosed with any of the serious health complications within the ambit of your policy. Your policy may cover conditions such as cardiac arrest, stroke, several types of cancer, coma, multiple sclerosis, paralysis and kidney failure, to name a few.

Risk covers vary with the companies offering the policy. It is crucial to carefully consider the list of illnesses not covered in your policy before making the final decision to buy it.

Understand Your Plan Well

Know why you are buying your policy. A critical illness plan can be utilized in paying off debts related to medical costs, make modifications to your home, and to pay off a mortgage. A policy will help you if you do not have enough savings to cover for serious illnesses, or if your employment benefit plan is not conducive towards providing you enough relief while you are sick.

Know the process of filing your claim. Learn what renewal benefits you will receive from your insurance company for the period of time when no claim is filed. Read the policy in detail before buying lest you miss any exclusions or other factors within it. Check what hospital network your insurance company endorses.

Choosing A Sum Insured

Consider factors such as costs of treatment, medicine and follow-up plans while deciding your sum insured. You have the choice of opting for either a stand-alone plan or just a rider. Stand-alone plans, although more expensive, will allow you a higher claim amount.

Careful consideration prior to buying an insurance will ensure that when the time comes, the cover yields optimal benefits to mitigate the situation at hand.

Hence, a health insurance policy is a valuable asset to have. In times of need, it can take care of all the medical expenses at hand, so that focus is kept on treatment rather than worrying about taking care of the bills piling up.

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