Critical Illness Insurance – Being diagnosed with a critical health condition can be devastating and traumatic; no one plans for it. But all hope is not lost. If you were diagnosed with a severe health issue, then you should purchase critical illness insurance. This type of insurance is essentially designed to provide medical coverage and assistance to individuals suffering from a critical illness. By purchasing this type of insurance, your peace of mind is guaranteed, and the policy also offers financial security and protection.
Although, the idea of buying critical illness surety before you are diagnosed with a life-threatening illness can be unsettling, it is still worth it. We never can tell what would happen in the future and one of the best ways to ameliorate unexpected tragedies is by having a form of protection beforehand.
If you seek explicit and comprehensive information about critical illness surety, here’s the right place to get all the information you need. In today’s article, we would provide valid insights on what critical innless insurance entails and how you can make informed choices when buying your policy.
What Is Critical Illness Insurance?
Critical illness insurance is a type of coverage that provides you with a lump sum of money in the event of being diagnosed with a chronic illness. The level of coverage this policy offers is mostly on a long-term basis and it also differs depending on the type of health issue you were diagnosed with.
If you purchase a critical illness insurance policy and you were diagnosed with a serious ailment, your insurance company will cover all medical bills related to your treatment and recovery process. The type of plan you bought determines the level of coverage your insurer will provide.
How Does Critical Illness Insurance Work?
Like every other type of insurance, critical insurance requires monthly payment, otherwise known as premiums. Like the usual health insurance plan, you are required to pay a specific amount of money in exchange for the coverage provided by the insurance company. Your premiums will be used in catering for your medical bills and other related expenses if you we diagnosed with a major or critical illness such as, cancer, heart attack, stroke, or any form of disability.
The amount to be reimbursed by your insurance provider largely depends on the type of plan and illness you were diagnosed with, including your deductibles. There are also other factors that can potentially influence your coverage level, such as, age, health and lifestyle, number of illness covered by the plan, as well as the number of people on the policy.
What Does Critical Illness Insurance Covers?
Typically, critical illness insurance covers a variety of illness and health conditions categorized as terminal, chronic or critical. This means that, if after a medical examination, the doctors found out you have a critical illness, the policy will offer coverage. A standard critical illness insurance policy covers the following type of health conditions;
- Cancer.
- Heart attacks.
- Strokes.
- Organ transplants.
- Coronary bypass.
- Loss of arm of legs.
- Kidney failure.
- Paralysis.
- Stroke.
- Severe burns.
- Benign brain tumor.
These are some of the major illness covered by critical illness insurance. Nevertheless, the specific illness or health conditions covered by the policy vary significantly, because there are various coverage options for critical illness insurance. It is essential to review the details of your policy in order to have a better understanding of the exact coverage provided.
What Is Not Covered By Critical Illness Insurance?
Despite the fact critical illness surety covers various critical illnesses, there are limitations to the type and level of coverage it provides. For instance, critical illness surety will not cover;
- Illnesses which are not chronic and critical.
- preexisting health issue
- Health issues caused either by an epidemic or pandemic.
In some cases, critical illness surety will most likely not cover illnesses that you or any of your family members have being diagnosed with previously. To be on a safe side, ensure you read the fine prints of your policy to have a better idea of what it covers and what it does not.
How Much Does Critical Illness Insurance Cost?
Well, the exact amount you will be charged for critical illness surety depends on surety company, type of illness and the level of coverage you want. There are several factors that can adversely affect your premiums such as; age, sex, health, type of job, including hobbies and lifestyle.
If you are older at the period of purchasing the policy, you will definitely be charged higher premium because the risk of getting ill at this stage is more imminent. Also, if you engage in risky activities or the type of job you do is strenuous, you will pay more for coverage.
How To Buy Critical Illness Surety
There are two distinct ways you can go about purchasing critical illness insurance. You can buy through your employer or simply add it to your life or health insurance plan. If you intend to purchase this insurance, it is best to shop around so you can find the best option for your budget and needs.