Critical Illness Insurance ensures that individuals or families are provided for medical attention in the case of any serious, illness. These types of illnesses which are covered by Critical Illness Insurances may vary from company to company and cover to cover, but on a general note they include: Heart attacks, cancer, blindness, strokes, Alzheimer’s, kidney failure, multiple sclerosis paralysis and other similar serious health conditions.
Apart from the different benefits offered by different companies and different covers, the inclusions could also differ based on the severity of the conditions involved. For example, if you’re diagnosed with a specific type of cancer, but a minor one, you may not be covered. The sensitivity of payment will depend on how critical your condition is. As usual, there wouldn’t be any cover for pre-existing conditions.
To get a good idea about what you’re covered for and what you’re not, you should read your policy very carefully. If you have any doubts and questions, clarify them with your insurer as soon as possible without waiting till a real claim arises. Doubts could cause confusions later on and may even delay payments for any claims you intend on making after some time.
What will I have to pay?
Although cost of a cover can vary greatly depending on many factors, generally the younger and healthier you are, and lesser is your premium. When choosing a critical illness plan, you should give thought to your income, general healthcare needs and other financial obligations. The cost of a cover may also vary depending on what your insurance company is and what illnesses are covered from your policy.
What about making a claim?
You can make a claim once a licensed physician in your particular country make a well informed diagnosis of your critical illness that is covered by your policy.
And if I don’t make a claim?
In the case of death of the policyholder with no claims made throughout his/her life span, the premiums paid over time will be refunded to a beneficiary named by you. Some plans will return only a part of the refund while some allow full payment.
How does long-term care insurance differ from critical illness insurance?
Long term care insurances are not the same as critical illness insurances. They cover only chronic illnesses where long term supervision or assistance is required to support daily living of a patient.
Long term care insurances generally allow reimbursements to a certain limit depending on the type of care received (home healthcare or nursing home) and various other facts. Some of them pay a daily or monthly pre-determined benefit on pre-determined terms.
How do I get critical illness insurance?
You can seek these insurances with any licensed insurance agent or broker. |
