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Medical Negligence

Critical Insurance Cover – Do You Need One?

You are living a happy life with your loved ones, you have a good job, a decent income and suddenly your medical reports state that you have a critical illness that needs long term treatment and is too costly to be true. What can help you in such a situation? Having a critical illness insurance will be a great help to you. This insurance, as the name suggests,will cover a person’s expenses (or at least parts of it) if a person is diagnosed with a critical illness.

But like all other insurances, there are pros and cons too.

Pros
  • Many people have witnessed at least one case in which a person who had critical illness had to sell off all the assets (properties, cars, etc.) to get treatment. A critical illness might save you from such a scenario by covering many medical expenses or reimbursing the same.
  • This insurance is beneficial for people who have a medical history of a particular illness, like heart issues. If your forefather had it, it is highly probable that you will have it too.
  • You feel financially secure knowing that if you get a critical illness, you won’t need to bear heavy expenses on your own.
  • Thanks to this insurance, you can get over the illness and restart your life without ruining your financial condition.
Cons
  • As terrible as it may sound, but if you don’t get a critical illness, the money you have paid to the insurance company will be wasted
  • The costs of such insurance can be quite high, especially the premiums.
  • Even despite all treatment, the policyholder may die from critical illness, which will defeat the purpose of buying the insurance.
  • Many insurance companies cover only part of the expenses so you might have to empty your pockets if you get an illness that’s too expensive to treat.

How to Select a Critical Illness Policy?

  • Make sure that you trust an insurance company that pays on time and has excellent customer service.
  • Choose a policy that covers the maximum number of critical illnesses, especially the ones you have had a medical history of
  • Learn about premiums at the time of buying a policy and at the time of renewing it so that it doesn’t come as a shock.
  • Create a list of documents you need to provide while buying the policy
  • Find out crucial details like for how long the policy will cover you (till what age) and how often you need to renew it.
  • Some companies offer great renewal benefits. Make sure you trust one of them.
  • Do a thorough research of the insurance provider and the coverage offered before signing anything. Key things you should check for are settlement history and hospitals network of the provider.

Do you think buying a critical insurance cover is wise? Why or why not?

Divya Patwal

VOICE