OneInsure Blog
Post By Mariya Panwala
Critical Illness Insurance Myths Busted
Comments
critical illness insurance myths, critical illness
Among policy seekers, Critical Illness insurance remains a highly misunderstood type of insurance. The misunderstanding results due to its somewhat similar characteristics with health insurance. However, Critical Illness plans and health plans are different types of insurance policies, with different features, and provide different benefits. Therefore, before you subscribe to any particular plan, it is required of you to have an accurate understanding of what a Critical Illness plan is, how it is different from a health plan, and what benefits you may or may not receive under Critical Illness insurance. And to know that in 2 minutes, go through the myths one by one as we bust them for you.
Myth 1: Critical Illness Insurance = Health Insurance
Reality: The statement is incorrect. A health insurance plan will cover your basic hospitalization expenses when you’re admitted in a hospital for more than 24 hours. However, a Critical Illness (CI) plan will provide you a lump sum amount as financial protection when you’re diagnosed with a life-threatening illness like cancer, heart attack, and so on. Depending on your CI policy, the number of illnesses covered could range from as low as 20 to as many as 50 or more.
Myth 2: "I Am Too Young to Buy a Critical Illness Plan"
Reality: A critical illness does not knock on your door after asking your age. Especially in today’s times, where many young people are being diagnosed with critical illnesses due to several reasons including unhealthy food habits and lifestyle, stress at work, and so on. So, it is never too early to get yourself covered under a CI plan.
Myth 3: "If I Am Covered under a Critical Illness Plan, I Am Covered for Every Kind of Critical Illness"
Reality: That’s incorrect. What sort of critical illnesses you are covered for differs from insurer to insurer and plan to plan. Your policy will contain a pre-defined list of critical illnesses. Go through that list before you buy the plan to make sure that you know what critical illnesses are covered under your plan. Also, only specified types of cancer will be covered. So, make sure to check these details before subscribing to a plan or the misunderstandings may lead to a rejection of the claim later.
Myth 4: "I Don’t Need a Critical Illness Plan because the Chances of Survival if I Get Diagnosed with a Major Illness Are Anyway Less"
Reality: This is a wrong notion. Modern medicine is a boon and when treated on time, you have fair chances of survival. So, you’re not losing anything by getting yourself a CI plan. Also note that Critical Illness plans are one of the cheapest policies out there!
Myth 5: On Diagnosis of Any Critical Illness, You Shall Be Paid Immediately
Reality: No, not immediately. Every CI plan comes with a survival period feature. This means that, on being diagnosed with an illness, you are supposed to survive for at least 30 days (or as defined in the policy). Once the survival period is over, you shall be paid the lump sum amount.
To conclude, as cliché as it might sound, life is unpredictable and if you have people who are dependent on you financially, then a Critical Illness plan is a must. Get covered today and gift yourself and your family the peace of mind that comes with knowing you have a safety net in case you contract an illness that would otherwise leave you bankrupt. Get in touch with OneInsure on 86559-86559 or at support@oneinsure.com to get the best deal. You can also visit OneInsure’s website for further insights on Critical Illness insurance.
