Factors to Consider before buying a Critical Illness Cover

Factors to Consider before buying a Critical Illness Cover

Given the high increase in medical charges and critical illness, many people are concerned about health issues. It is always advised to get a medical insurance policy to secure the critical illness and back up the financial losses.

If you are lucky enough and have not heard of the term critical illness, we shall be sharing with you the complete guide to a critical illness cover and the factors that you should consider before buying a critical illness cover.


What is a Critical Illness Cover?

Critical Illness Cover is also known as critical illness insurance or catastrophic illness insurance. Critical Illness Cover is a kind of insurance policy that provides coverage for medicinal emergencies.

Some of the common diseases covered by a critical illness cover are cancer up to a certain stage, a stroke, a heart attack, or kidney failure. It is a policy that is very beneficial to keep you safe from all the financial ruins at the last moment.

It is a generally low-cost insurance policy that usually does not come under the standard insurance policy. However, they do not cover all the medicinal diseases but are specifically limited to a few emergencies only.


Why Is it Mandatory to get a Critical Illness Cover?

Many companies are keen to add a critical illness cover in their standard insurance policies. The reason for this is that critical illness covers are beneficial to both the insurance providers and buyers. They offer many healthcare benefits.

Owning a critical illness cover can ensure that you do not have to spend on the entire cost of treatment. It provides a medical liability to ensure that your budget does not get disturbed in case of any emergency.

Some of the reasons why a critical illness cover is important to have are:

  • A critically ill person would not have to worry about their bills and payment when they get ill.
  • A lot of medical services shall be provided to the insurance holders.
  • A critical illness cover would cover treatment expenses that a standard insurance policy would not cover.
  • At the time of illness, a critical illness cover will provide you with all the transportation expenses from the treatment center to your home.
  • Critical Insurance Cover will also offer you a restful place to spend the time of your illness.


5 Factors to Consider before buying a Critical Illness Cover

The key to opt for a comprehensive critical illness cover is to be smart enough. To protect yourself from financial losses at the last moment, there are some factors that you should consider before buying a critical illness cover.


1: Choose the Policy that provides Supreme Coverage

When choosing a critical insurance cover, the first and foremost factor to consider is to look for a CI policy that has the maximum coverage. Maximum coverage is the one where you can get various facilities and exceptions included in the program.

An ideal Critical Illness Cover would cover your pre-and post-hospitalization expenses. All the medication charges, dialysis expenses, transportation charges from and to the medical center, diagnosis, and treatment will be under the policy.

Ensure that you look for the rules and regulations of a critical illness cover and identify if the plan contains the supreme coverage. If it does, you can probably go for it.


2: The Age Limit Set on the Critical Illness Cover

Most Critical Illness covers offer the insurance up to a certain age. In many insurance policies, the maximum limit of age for a critical illness cover is 60 years. Ignoring age is a big mistake that one should not make when opting for any CI cover.

Check for the maximum renewal age of the plan. If it is limited to a specific age and you cannot go beyond the mentioned age, it is advised to select a plan that covers insurance policy for senior citizens as well.


3: Market Reputation of Critical Illness Insurance Providers

It goes without saying how important it is to look for the service quality of an insurance provider. Almost everything is based on the market reputation of any CI cover provider. If a company is well-known and has positive reviews, then you can choose it for you and your loved ones without any hesitation.

Do a little research and read the online reviews by the users and buyers of critical illness cover insurance providers. Check if your desired company has a good standing among the companies or not.


4: The Premium of a Critical Illness Cover

A critical illness cover insurance is made to protect you from financial losses. Before buying any CI plan, you should check for the company’s premium after specified intervals. If the lump sum amount is more than it should be, you better choose another plan. To ease your budget, a critical illness cover with the least amount of premium is a decent selection to go with.

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5: The Period of Accounts Payable

Last but not least is another important factor that is the period of waiting. It is the time after which the payment is made. You should ask for the waiting period before buying any critical illness plan.

In most cases, a critical illness plan has a waiting period of 3 months after the insurance policy’s beginning. These are some of the critical terms to consider, and you better not ignore them to get the best CI cover plan.


Final Verdict

Getting a Critical Illness Plan for the senior citizens, your loved ones, and yourself is a decent choice to make. However, you should be very watchful when selecting your critical illness cover. Keeping in mind the day-to-day lifestyle, requirements, and financial budget is a better approach to choosing the best possible critical illness cover option. Consider the above-mentioned factors before buying any critical illness cover or insurance to have an amazing experience.