Why You Need Critical Illness Cover

Critical illnesses can occur unexpectedly. The exorbitant cost of treating these illnesses can be funded through medical insurance policy. However, medical insurance cannot compensate the loss of income that occurs when a critically ill person fails to participate in income generating activities during the illness period, leading to severe financial hardship for the family. For paying your medical bill and resolving the financial problem of your family simultaneously, you need a critical illness cover, also known as critical illness insurance.

Critical illness cover vs. medical insurance

While both types of insurance products are meant for funding medical expenses, there is significant difference between the two policies. Medical insurance plans cover a wide range of illnesses and surgical procedures, whereas only critical illnesses are covered in the critical illness policy. Therefore, a heart attack will be covered by a critical insurance policy, whereas for treating angina or heart failure you must rely on your medical insurance policy. Despite its limited coverage, there are several benefits of critical illnesses insurance that are not available in the standard health insurance products. The main advantage of critical illness cover is that when a critical illness is diagnosed, the policyholder is eligible for receiving a lump sum amount, provided he/she survives at least for four weeks after the illness was diagnosed for the first time. The lump sum amount helps to meet the expenses of the treatment. Moreover, it provides relief from financial hardship that is likely to occur when a person falls ill. Unlike standard medical insurance plans that do not cover illnesses that do not require hospitalization, holders of critical illness insurance policy can enjoy its benefits even when they are treated at home. This is especially beneficial for people diagnosed with certain critical illnesses such as cancers, when hospitalization is not essential for treatment.

Critical illnesses covered

The critical illnesses insured by the critical illness policy vary from company to company. Heart attack, stroke, coronary bypass surgery and cancers are few examples of critical illnesses that are normally covered by the plan. Depending upon the cost of the insurance policy, about 26 to 161 illnesses are covered in the plan.

Benefits of critical illness insurance

Critical illness Cover insurance increases a person’s ability to access the best quality medical treatment. The lump sum amount that a policyholder receives helps in buying recuperation aids. It helps to repay outstanding mortgage debts. It provides financial support to your family while you are recovering from the illness.

Alston Calvex - About Author:
When you decide to take some critical illness insurance cover out, choose only the best insurance providers who gives you the right rate for life and critical illness cover and critical illness cover that meets your requirements.

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