What is critical illness insurance?
Critical illness insurance provides financial protection to help you and your family if you’re diagnosed with a covered critical illness. This type of policy is usually sold as part of a package that also includes life and disability insurance. When you purchase this type of insurance, you’ll choose how much coverage to get and what type of illnesses or injuries qualify for payment. The cost of this coverage will be based on your age, health status, and other factors like where you live.
What are the benefits of critical illness insurance?
This type of policy offers financial protection in case you develop one of the severe medical conditions listed in your policy’s terms and conditions. If you have a covered illness or injury, this coverage will help pay for medical expenses related to treatment such as doctor visits, hospital stays, and prescription medications (depending on your policy). Some policies may even cover lost wages if you’re unable to work because of your condition.
How much does critical illness insurance cost?
The price for this type of policy will vary depending on factors like whether it’s purchased as part of a bundle with other types of coverage or by itself. For example, if you have good health and live in an area where people don’t typically.
Do I really need critical illness insurance?
- whether you already have some illness insurance combined with another insurance policy like a life insurance policy, or with your mortgage which covers you for serious illness
- what benefits your employer pays out if you can’t work because of ill health or disability
- whether you have savings you can use instead of insurance.
A Critical illness cover is a standalone financial plan offering financial security to individuals with life-threatening diseases. It prevents critically ill individuals from burning a hole in their pockets with exorbitant medical bills and medication costs. It offers a lump sum amount of money for the predetermined list of illnesses and can even provide additional coverage as decided in the insurance plan. Following are the top critical illnesses that the critical illness plans offer cover for:
Major of 37 Critical Illnesses:
- Major Cancers
- Heart Attack of Specified Severity
- Coronary Artery By-pass Surgery
- Stroke
- Kidney Failure
- Coma
- Paralysis (Loss of Use of Limbs)
- Heart Valve Surgery
- Blindness (Loss of Sight)
- Deafness (Loss of Hearing)
- Loss of Speech
- Multiple Sclerosis
- Fulminant Hepatitis
- Major Organ/Bone Marrow Transplantation
- Primary Pulmonary Hypertension
- Alzheimer’s Disease/Severe Dementia
- Surgery to Aorta
- Major Burns
- Terminal Illness
- HIV Due to Blood Transfusion and Occupationally Acquired HIV
- End Stage Lung Disease
- End Stage Liver Failure
- Muscular Dystrophy
- Parkinson’s Disease
- Aplastic Anaemia
- Angioplasty & Other Invasive Treatment For Coronary Artery (with partial payment only)
- Bacterial Meningitis
- Benign Brain Tumour
- Viral Encephalitis
- Motor Neurone Disease
- Apallic Syndrome
- Loss of Independent Existence
- Major Head Trauma
- Other Serious Coronary Artery Disease
- Poliomyelitis
- Progressive Scleroderma
- Systemic Lupus Erythematosus with Lupus Nephritis
The above-mentioned diseases fall under a critical illness cover. These might also have several subtypes and derivatives which can be gone over in detail with the insurance company you choose. In case of a claim, the confirmed diagnosis of the illnesses or diseases has to be verified with CT scans, blood tests, or sometimes even an MRI, based on the requirement. This should also be certified by an experienced medical practitioner in that field. While purchasing a critical illness cover, you must fill in all details carefully and be transparent about your existing illnesses, if any, to get the best benefit and a smooth long-term relationship with your chosen insurance company. You can check out the critical illness insurance.
Life is full of unexpected twists and turns, but the one thing you can count on is change. And when that happens, it’s important to have a plan in place. Partner’s Legacy is concerned about the unexpected period of your life.
We will help guide you to the best options for you and your family. We are your insurance partners!
Reach out for your consultation today @ 352-277-7294
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