Your life is in your hands, but critical illness entering your life can lead to both emotional and financial devastating effects on you and as well your close family. Why get stumped if you are faced with such a situation? Get in touch with the best insurance policy advisors and get a critical illness insurance plan for yourself. Talking about what critical illness insurance covers, you would be relaxed to know that some of the financial burdens connected to your illness can be alleviated!
What is Critical Illness Insurance?
The Critical illness insurance plan provides you as the policyholder a lump-sum payment in case you are diagnosed with a specified serious illness. This assured sum amount supports you in covering your medical expenses, treatment costs, and other expenses that are related to your illness.
The expert insurance plan advisors at platinummutualltd.com, when consulted, help to make you understand the key differences between traditional health insurance and critical illness insurance. You would then understand that traditional health insurance pays your medical expenses while critical illness insurance gives you the cash directly, which can be used based on your needs to cover your illness treatment expenses.
The Comparison between Critical Illness Insurance Coverage and Traditional Health Insurance Plan
| SR.No. | Feature | Critical Illness Insurance Coverage | Traditional health Insurance Plan |
| Purpose | Receive a lump sum amount on diagnosis of a specified critical illness | Covers the medical expenses incurred towards the treatment of your critical illness. | |
| Pay out Format | The lump sum amount is directly paid to the policyholder. | The payout is made directly to the health care provider for the expenses incurred for your illness treatment. | |
| Policy Terms | The policy tenure can be short-term or long-term. | The policy term is annual or semi-annual, and it can then be renewed based on your needs. | |
| Tax Effect | It is usually tax-free | The benefits are not taxed, but out-of-pocket expenses can be deductible. |
What Does Critical Illness Insurance Cover?
The aspect that makes Critical illness insurance policy popular is the fact that it covers a range of serious illnesses. To answer the question, ‘What Does Critical Illness Insurance Cover?’ read the common illnesses covered across plans.
Cancer: Various kinds of cancer are covered in most of the policies, but some of them may exclude non-invasive or early-stage cancers.
- Heart Attack: The myocardial infarctions get covered under critical insurance cover.
- Stroke: In case of a major stroke that could lead to lasting neurological damage gets covered.
- Kidney Failure: The condition of dialysis or a transplant owing to kidney dysfunction gets covered under critical insurance coverage.
- Major Organ Transplants: Organ transplants of the lungs, heart, liver, pancreas, and kidneys come under the critical illness cover.
- Coronary Artery Bypass Surgery: The surgery to cure coronary artery disease also gets covered.
- Paralysis: If faced with paralysis due to injury or illness, it is covered.
There are other illnesses also that can be covered under critical illness insurance cover that includes Parkinson’s, loss of limbs, severe burns, Alzheimer’s, deafness, and blindness.
So before you pick the critical illness insurance coverage for yourself, get in touch with the expert insurance plan advisors so that you are clear about what critical illness insurance covers and can make a wise and informed decision.
Is the Critical Illness Insurance Plan Recommended for Whom?
A lot of different people can be recommended the Critical illness insurance plan by the insurance plan advisors at platinummutualltd.com, including:
The Breadwinners of the family: If you are the breadwinner for your family, then ensuring your financial stability in case of severe illness with the critical insurance plan is recommended.
- Entrepreneurs and freelancers: If you are an Entrepreneur or freelancer without employer-provided health benefits, then taking up critical illness insurance coverage is a wise decision to make!
- Family history of critical illness: If you have a family history of any critical illness, then getting yourself insured with critical insurance coverage for that particular illness is a good move.
- People with a lack of financial stability: If you always have scarce funds, then having critical illness insurance coverage helps in case of emergency!
What are the Advantages of Investing in Critical Illness Insurance?
The best company offering various kinds of insurance policies and recommendations based on your needs, condition, and long-term life goals provides you an insight into the advantages of investing in Critical illness insurance. Take a look.
Advantage # 1: Provides You with Financial Security
If you are deprived of financial stability and security in a crisis like urgent medical expenses, then it could be an emotional end of the road for you. That’s where the critical illness insurance coverage helps by providing you with a lump sum amount to cover your medical expenses based on your discretion when diagnosed with one!
Advantage # 2: Replaces lost income
When you are faced with a critical illness, you may not end up going to work, and that leads to a loss of income. The lump sum amount received from your critical illness insurance plan helps you pay off your medical expenses and save your living expenses.
Advantage # 3: Flexibility in using the lump sum amount
There is no restriction on the way you use the lump sum amount. You could use it to meet your living expenses, home modifications, medical care, etc.
.Advantage # 4: Ensures Peace of Mind
When faced with a critical illness, you are already stressed along with your family. In addition, the financial burden can literally weigh you down. So, finding out what the critical illness insurance covers and then investing in it reduces your financial stress during challenging times, allowing you to focus on your health, treatment, and recovery.
How much Critical Illness Insurance coverage do you need to take?
The amount of coverage in your insurance plan depends upon your situation, needs, existing savings, healthcare costs involved, and income. The insurance expert advisor at platnimummutualltd.com will understand all the details and then make a recommendation that is best for you.
Can you have more than one critical illness insurance policy for yourself?
Yes, why not? But be mindful that you will have to pay combined premiums, too.
Final words!
Life insurance plans are of various types, and it can become overwhelming to choose the right one for you. The expert insurance plan advisor helps you to break down your needs and then, based on your priority, select the insurance plan that is best suited, whether it is a whole life insurance plan, health insurance, universal health insurance, term insurance, critical illness insurance plan, and much more.
Talking about what critical illness insurance coverage includes and how it benefits, get your personalized advice, and explore more policy options, visit platinummutualltd.com and speak to the insurance experts. Get started today!