Critical Illness Insurance

All you need to know

Have you ever considered the financial implications of being diagnosed with a critical illness? Chances are that treatment would deplete all savings. Why? Healthcare costs are high and household bills do not pause for a personal health crisis.

Fortunately, a solution exists. Critical illness insurance pays out a lump sum amount upon illness diagnosis, allowing patients to focus on healing. In this blog, we'll answer some of the most common questions that people have when seeking critical illness insurance.

1. Do I need critical illness cover if I am in good health?

By all means, yes! Illness may still strike unexpectedly due to uncontrollable factors such as hereditary and genetics. Maintaining a healthy lifestyle and checking regularly on health are important preventative measures. They can definitely reduce the risk of being diagnosed with a critical illness but don’t eliminate it. 

2. Doesn’t my health plan already cover “critical illness” ?

Well, yes – to an extent. 

  • There are some limitations to which diseases health plans can cover.Critical illness insurance covers up to 32 pre-determined medical conditions. Usually, the list includes cancer, heart attack, stroke, kidney or liver failure, lung disease, Alzheimer's Disease, Parkinson, and Multiple Sclerosis.  
  • Health plans are usually indemnity based plans, which means you need to make a claim for every hospitalization to get benefits. Critical illness insurance pays out a defined and fixed amount, i.e., you get that amount regardless of hospital expenses and you decide how to spend it.

In a nutshell, both policies are different in nature and hence the one cannot replace the other. We recommend having the right mix of both. 

3. How affordable is critical illness insurance? 

The cost is calculated based on age and health. To give you an idea, a 40-year-old healthy female could pay between $25-$30 per month for a plan benefit of $30,000. 

Premiums will be higher the older you are, when serious health diagnoses become much more common. At a certain point, it may be difficult to secure coverage at all. 

The Bottom Line. 

If you’re worried about not being able to afford the costs of becoming gravely ill, consider getting critical illness insurance. Our experts can assist you in selecting and purchasing a plan that is tailored to your specific needs. Reach out by clicking below.