Types of Critical Insurance
It is known fact that diseases exist in all walks and stages of life. In such a situation critical illness cover comes to you rescue. Moreover, as the life expectancy is increasing, thanks to widespread availability of better health care service or facilities. However, the improved health care services don’t signify the fact that chronic diseases have eliminated; and improved health care services comes at an exorbitant price. Today, many people are battling against critical diseases like heart attack, cancer, stroke, brain meningitis, etc, in such cases; you might agree purchasing a critical illness cover act as a hedge against financial risks. Critical illness cover is not a luxury albeit it’s a necessity.
Types of Critical Illness Cover
Young age is a time when you are trying to make decisions for yourself and finding your independence. Independence is about exercising your choice with responsibility and if you purchase right critical illness cover it will not only make you feel independent, but also provides you a sense of relief.
You can easily find an insurance policy that suits you the most.
Traditional critical Illness Cover
Traditional Critical Illness cover pays you Lumpsum amount on diagnosis of critical illness. Typically it covers 30 hand picked illness like cancer, brain meningitis, stroke, etc.
Certain critical insurance needs to be in advanced stage to qualify for claims. If you are suffering from a major cancer, you will be only able to trigger the payment if you are in the stage 3. According to insurance service providers illness like cancer is relatively common in these days, so insurers cover only the advanced stages. If all the stages have been considered, then the premium would have been quite high. Other non terminal or prolonged illness is also covered under the umbrella of critical illness cover like loss of sight, benign brain tumor, Parkinson disease, etc. With the advancement in the medical science, it is for sure that people would survive for years after critical illness, and the claims will also fit into your pocket.
Traditional critical illness cover coupled with participating whole life plans, term plans or investment linked plans or standalone plans are order of the day. However, there is a growing trend to link this policy with mortgage insurance. Participating whole life insurance with cash value provides flexible option as you can redeem the policy or continue this policy saving yourself from recuperation. Term Insurance plans are a great way to boost your insurance coverage at affordable rates.
Early stage Critical Insurance
Early Stage Critical Insurance pays benefits at a very less stage. It is a boon for all those who believe in age old adage “precaution is better than cure”. In such a situation, benefits are based on severity levels of disease. These plans come under the category of standalone plans or as add on term benefit. The coverage period is limited to the age of 65 years.
This policy is less stringent in contrast with other policies and you can obtain heightened level of peace of mind through this policy.
Female and Child Insurance
Female Insurance plans cover cancers, pregnancy complications, and children related illness typically covers severe health conditions of a child like asthma, Kawasaki disease, leukemia etc. These illnesses are not life threatening, but with affordable monthly premium you can enhance tranquility of your mind.
Holistic Health Insurance
Undoubtedly, Critical Insurance cover provides safety and financial protection, but at the same time these policies can’t be taken by any Tom, Dick and Harry. Many insurance claims are rejected on the ground of sub standard health conditions. However, every insurer has certain threshold limit for different health conditions. The limit is either on the policy from single insurance company or combined across all insurers.
A good portfolio contains coverage like hospitalization expenses, surgery expenses or death or disability or personal accident insurance. Every individual needs to take proper coverage depending upon family or dependants. It may take years to recover from critical illness in such a case, there will be a potential loss of flow of income. In this rat race, you should buy an insurance you are comfortable than buying a cover where you just don’t fit in.
After obtaining critical illness cover, the next step is obtaining critical illness quotes. You can obtain critical illness quotes through your financial advisor or directly through insurance company, it will help you to decide which policy is worth considering. Moreover, obtaining critical illness quotes is the first step towards protecting your family.
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