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Critical Illness

Why Do You Need Critical Illness And Personal Accident Covers Even If You Have Health Insurance?

Many people are under the impression they don’t require a critical illness cover or a personal accident insurance policy simply because they already have a health insurance policy in place. They mistake the two policies to function in a manner similar to health insurance cover. Lack of product knowledge can be attributed as the main reason why many with health insurance policies fail to get a personal accident or critical illness cover. 

Need for critical illness insurance cover

When Piyush was diagnosed with chronic lung disease, his world came crumbling down. He was of the view that payout from his health insurance policy would take care of everything, but he was in for a shock when he found out only his hospitalization expenses were covered. Piyush started feeling helpless as he had to be off work for a considerable period of time. Since he was the only earning member, his family’s financial state got tight. The emotional and financial strain was only making his health conditions worse.

Some ailments cannot be averted even when you take the best care of your health. To help manage your finances, it is recommended that you have a critical illness cover. In the above case, if Piyush had also opted for a critical illness insurance plan, the hospital bills would have been paid for by his health insurer, while the other financial requirements would’ve been met from the benefits paid from his critical illness cover. A critical illness insurance plan pays out a lump sum amount to the insured individual if s/he acquires a serious aliment (one that is listed in the policy documents).

Why buy personal accident insurance cover?

We all know about the importance of a life or health insurance policy, but how many of us actually understand how useful a personal accident policy can be. In case of a major disaster, say severe flooding, you have life insurance to compensate for death and health insurance to pay for the hospital bills. But who covers the financial losses suffered if an accidental injury leads to temporary or permanent disability? Well, this is where personal accident insurance policies come to the rescue.

A personal accident insurance policy provides financial assistance in case an accident results in physical injuries or death. If your income stops (as a result of not working due to injuries sustained in an accident), you can rely on the payout received from the policy to meet your daily expense. It provides financial stability should the earning member (insured individual) be rendered disabled on account of an accident.

Conclusion

Critical illness and personal accident covers can be opted as riders to your health insurance policy or as standalone covers. They provide protection against the financial crisis faced in the event you are diagnosed with a critical illness or meet with an accident. Do not assume that a health plan is a substitute for a critical illness and personal accident policies. As you can see from above, they work rather differently and provide additional benefits to your existing health cover.

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