Critical illness in your family may result into a financial disaster if you are not adequately insured. A good critical illness policy is the financial cushion that you and your family need during such a medical situation.
Critical illness can result into loss of income, temporary disability and change in lifestyle. It demands for far higher expenses that are normally not covered by a health insurance policy. Therefore protecting yourself and your family from financial loss due to a critical illness is very important. And even more important is to select the best critical illness cover.
With a number of Critical Illness Policies available in the market, zeroing in on a policy that suits your needs, is the most difficult task. Let us make it a little simple for you by telling you what are the most important things to look out for:
List of Illness covered – There are companies that cover only 12 critical ailments but others do as many as 35 ailments. It is always better to go for a policy that covers the maximum number of ailments.
Survival Period – Generally Critical Illness Policies come with a 30 day survival period post diagnosis. Look for a policy which has no survival period as 30 days is too long a time to wait for specialist treatment.
Sum Assured – Usually, the sum assured is 1-2 times of your annual income, which can be used for various purposes such as paying hospital bills, treatments, recuperation, or just to meet your regular expense, while you are bedridden and have no other source of income.
Claim Procedure – Before you buy a critical illness policy, it is important for you to understand the claim procedure of that insurance company. We help our clients to learn the claim settlement procedure so that they have hassle free experience. However, it is always better to check the claim payment history of the insurance company before applying.
Maximum Renewability – There are plans that offer lifelong renewability but some cease as early as 60 years of age. Look for a plan that offers maximum renewability and also offers No-Claim Bonus for the number of unclaimed years.