Critical illness is like an uninvited visitor that takes a massive toll on your health and wealth. Cancer, coma, sclerosis, kidney failure, heart attack, and paralysis are some of the critical illnesses that have become prevalent these days. So, how to handle this tricky situation? Well, the answer is, go for a comprehensive critical illness insurance policy. It can safeguard you from any financial loss. Selecting the best critical illness insurance policy is very crucial.
Here are some essential tips to contemplate while buying a critical illness policy.
Check How the Critical Illness Plan Works
The first thing that you should examine is how critical illness plan serves. Usually, under the critical illness plan, you get the lump sum amount after you present the diagnosis to the insurer. You can pay for treatment and hospitalisation costs, medicines, and doctor’s charges. The sum assured is predetermined. Hence, you should get the details about the sum assured from the insurer and then make your purchasing decision.
Get Maximum Coverage
When you are scanning the health insurers, you should look for the critical illness cover that gives you maximum coverage. Naturally, an excellent critical illness cover includes pre and post-hospitalisation expenses, diagnosis expenses, treatment, and medication.
Premium is the sum of money that you have to pay to the insurance company against the Critical Illness plan after specific intervals. You can estimate the premium with the help of an online health insurance premium calculator available on the insurer’s website. This way, you can choose the plan that shields you from financial losses and supports you in your difficult time.
Before buying a Critical Illness plan, you must check the exclusions list of the insurer. Exclusions are the conditions that the insurance company does not contemplate. See what all are the situations when you cannot claim the insurance. The best kind of Critical Illness plan provides maximum coverage with minimum exclusions.
Ask For Waiting Period
Waiting period means the specified time under which the policy is payable. It’s prudent to ask for a waiting period before buying a critical illness plan. In critical illness plans, it is 90 days after of the beginning of the policy period and for pre-exiting illnesses is for 48 months. Hence, you should get a critical illness plan with a low waiting period.
Check the Age
Before you pick a critical illness plan for you or your loved ones, you should check the maximum renewal age. Some health insurers provide critical illness plan up to a defined age, and in some plans, you cannot go beyond 60 years.
Keeping in mind your lifestyle, eating habits, pollution, and stress levels, it’s better to stay financially protected. Treatment costs for critical illness can exhaust all your savings. Hence, you should be smart enough to purchase a critical illness insurance policy.