Tuesday, August 9, 2022
HomeHealthThings to note before buying a critical illness policy

Things to note before buying a critical illness policy

Buying a critical illness policy: Health insurance or policy is something that is a must. One needs to purchase them to deal with emergency health situations and it is always advised to people that they should buy a health insurance policy early at their age. But when should one buy a critical illness policy? And why should they buy one?

Health Insurance

critical insurance policy
critical insurance policy

When it comes to critical health insurance policies there are plenty of misconceptions among people. Many times, they do not gather proper information or read the fine print well and as a result, they can always end up making a few wrong notions about them.

So, the primary thing is to read the fine print very carefully and understand clearly what is included in the plan and what the things which are not covered are in the particular plan. If one has wrong information, then it can create issues and can also lead to the rejection of the claim as well.

Insurance Claim Rejection

Rejection of a claim is even worse than not having a critical insurance policy at all. When the claim gets rejected, then the medical treatment expenses can empty one’s savings just like that even if one has spent a good amount of money when they were buying the plan. What is the point of getting insurance if one cannot use them when they need them the most, right?

Claim Proper Insurance

So, here are some vital things to know which can help one to get proper insurance that will not fail during the time of claim:

  • It is true that critical illness insurance never gives one any coverage when it comes to disability. Though there is disability coverage, that is mainly to provide compensation when there is a loss of income as a result of disability. Critical insurance illness mostly offers the payment when one is insured and then they are diagnosed with any critical diseases like immunological ones and cancer. Now, the advantage of this coverage is that; one has the full freedom to decide on how they will use this amount. One can use a portion of it for medical treatment and keep the other portion to looks after their family members.
  • One has to understand a thing that the critical illness insurance they are buying will only cover those illnesses which are mentioned in the fine print of the policy. So, one has to be really careful when they are going through the fine print of a policy before buying it.
  • Each and every critical disease has its own definition. If the condition of an individual does not fit that definition, then the claim can highly get rejected. So, one has to be very much aware of those details.
  • If one is diagnosed with a disease like cancer, then the life expectancy will be more than 5 years. In the case of heart issues, there is more than a 90 percent of chance that one will survive and recover soon. So, if one has already gone for adequate health insurance, then there are high chances that they will not need any life insurance.
  • One has a notion that if critical health insurance covers cancer, then it will provide coverage for all types of cancer. But this is not true in all cases. One should be very much clear about the coverage which is being offered in the insurance plan. Each cancer type is different and so they might need different insurance coverage. And that is why; the insurance premium also varies from one plan to another.
  • It is not true that the moment one gets diagnosed with a critical disease; they will get the money immediately. One has to read their insurance policy very carefully. One has to file their claim first and how fast the settlement will be made depends on the policy and its provider.
  • It is something that one should know that critical insurance can come in all sizes. There are some plans where one needs to go for a medical screening before. In some cases, there is no medical screening required. If one already suffers from some pre-existing conditions one might have to pay some high premiums. Though one has to spend some more, when the situation arises, it will be worth it.
  • All critical illness insurance plans come with high insurance premiums. But before taking any of them, it is always a better idea to compare various health insurance plans so that one can end up buying a plan which is best suited for them and worth the value.

One can go for Care Insurance because this plan covers 32 different critical diseases. It also offers psychiatric counseling when one is going through the treatment or in the recovery process. EMI options are also available in this policy.

The founder and CEO at ThriveVerge, The Verge, and Thrive Revolution. He launched Thriveverge in 2016, a leading behavior change technology, business, media, and entertainment company with the mission of ending the collective delusion that burning out is the price we have to pay for success.


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