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What is the right age to consider getting a critical illness insurance plan?

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The irony of today’s world is that – we are living in times where healthcare awareness is at its peak and people are consciously following healthy lifestyles to stay fit and healthy. Still, the rise in the number of people suffering from critical illnesses like cancer, stroke or young people falling prey to conditions like heart attack, cardiovascular diseases is increasing by the day. This is why having a comprehensive health insurance plan is the need of the hour. However, a basic health insurance package might not give adequate coverage for critical illnesses that need specialised medical attention or intervention.

In such a scenario, having critical illness insurance as an add-on or standalone policy with your basic health insurance plan, can be of great relief, as it provides additional coverage for medical emergencies like heart attacks, strokes, or cancer. In a critical health insurance plan, typically a lump sum amount is paid to help one deal with the financial losses and cover expenses over and above the existing health insurance plan.

When should you invest in critical illness insurance?

The right age to consider getting a critical illness insurance plan as a rider or add-on can vary based on individual circumstances, but generally, it is advisable to consider this type of coverage in your mid to late 20s or early 30s. If you are in your 40s or 50s, you shouldn’t skip adding critical insurance coverage to your existing health insurance policy or get a standalone cover, as with age chances of suffering from an illness increase exponentially.

Here are some factors to consider when deciding the appropriate age to purchase critical illness insurance:

1. Your Age and Your Health Status:

The younger you are, the less likely you may have pre-existing health conditions. Insurance premiums are often lower for individuals with better health, making it more cost-effective to secure coverage. Opting for a critical illness plan as an add-on to your comprehensive health insurance plan is apt in your mid-20s to early 30s. In your 40s and 50s make critical insurance a priority and try not to treat it as an option.

2. Financial Stability:

If you are buying a critical illness policy as a standalone policy consider your financial stability and ability to afford the premium. Purchasing critical illness coverage early can provide financial protection against the impact of a severe illness and the associated medical expenses. However, weigh your pros and cons carefully. If you think you aren’t able to invest in one in your 20s and 30s make a mental note to do so in your 40s and beyond. Chances are as you age you can save enough to invest in an add-on rider or standalone policy.

3. Family History:

If you have a family history of specific critical illnesses, such as cancer or heart disease, it may be wise to consider critical illness coverage earlier to mitigate potential genetic risks and also serve the waiting period, if any.

4. Career and Lifestyle:

Assess your career and lifestyle factors. If you are in a profession that induces high stress or live under higher stress levels, consider getting critical illness coverage earlier to safeguard against the potential impact of stress-related illnesses.

5. Coverage Needs:

Assess your specific coverage needs. If you have dependents or financial obligations, having critical illness coverage can provide an extra layer of protection beyond basic health insurance.

6. Long-Term Planning:

Critical illness coverage is part of long-term financial planning. Starting early allows you to lock in lower premiums and ensures that you have coverage in place well before the potential onset of critical illnesses.

7. Policy Terms and Conditions:

Review the terms and conditions of critical illness insurance policies. Some policies may have waiting periods or specific criteria for coverage, so understanding these details is crucial.

The Take Home Message

Having critical illness insurance is crucial for your financial and mental well-being. However, when and at what age you should invest in one is a very personal and subjective choice. It's essential to note that there is no one-size-fits-all answer, and individual circumstances might be a big deciding factor. While purchasing critical illness insurance at a younger age generally has advantages, it's never too late to consider this coverage even in your golden years. Factors such as changes in health, family situation, and financial status can influence the decision to add critical illness coverage to your insurance portfolio.

Before making any decisions, it's advisable to consult with a financial advisor or insurance professional who can assess your specific needs and provide guidance on the most suitable time to consider critical illness insurance.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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