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Why a Critical Illness Cover for Serious Diseases is a Must-have to Avoid Heavy Expenses

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An insurance policy that covers incidental costs which may arise due to any major disease or disability that may hamper your ability to work or maintain an income flow is known as critical illness insurance. Given the current scenario where most people have sedentary lifestyle and high-pressure jobs, critical illnesses are not limited to senior citizens only, even younger people are being detected with serious diseases such as cancer, stroke or total or partial paralysis. Such critical illnesses may prove to be a huge financial setback for many. If the affected person is the only working member of the family, then it becomes even more serious. The income flow is disrupted or stops and along with it, the investments or savings are spent on the treatment expenses of such diseases which are very expensive.

For such emergency situations, insurers offer a critical illness insurance cover which can be availed either as an add-on with your health insurance or even separately.

Here are a few reasons why critical illness insurance is a must:

1. Sudden health emergencies

Health emergencies do not come with a warning, and a person may be diagnosed with a critical illness suddenly. For example, a person can get a stroke suddenly and it is difficult to predict since we may not be aware about the symptoms. So, if you have critical illness insurance it prevents you from burning a hole in your pocket for the treatment.

2. Lifestyle issues

Critical illnesses have become more common today in people because of various lifestyle issues. These are because of the lifestyle changes that do not allow you to keep yourself perfectly fit by regular exercise and routine. Due to high-pressure jobs and the lack of healthy food items people are more likely to get affected by various lifestyle and critical illnesses.

3. Easy claim process

A regular health insurance plan requires you to submit your hospital bills and other such evidence to claim the sum insured. However, in a critical illness insurance cover, the whole sum insured can be availed just after the diagnosis of the disease. You do not need to show proofs of hospitalization or treatment expenses to avail the sum insured.

4. High treatment cost

The treatment costs for all critical diseases are quite high. In the case of a critical illness, the person is further rendered home-bound and is unable to work for an extended period. In such situations, it can sometimes become difficult to meet the daily household expenses also if there is no security cover to pay up for the treatment. Thus, a critical illness insurance plan becomes extremely necessary in such situations.

5. Lower premium

A critical illness insurance plan can be availed at a comparatively lower premium than a regular health insurance policy. It is because a typical health plan covers multiple diseases while a critical illness insurance plan is only for the certain specific conditions.

Conclusion

Hence, it is very important to be prepared for unforeseen health situations. While everyone wishes they remain fit and active, life-threatening diseases can affect you anytime. Apart from maintaining a good physical and mental health, one needs to have a financial safety net as well. A critical illness insurance provides you the financial assurance you need during a health emergency.

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

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