If a critical illness like kidney failure or stroke were to happen to you, do you think your retirement savings would be able to cover the cost? Would you be able to cover the treatment costs and travel expenses associated with it?
This is where critical illness insurance comes into play. It is an essential insurance coverage designed to manage post-retirement expenses for critical conditions. Read on to find out more about it.
What is Critical Illness Insurance?
Critical Illness Insurance refers to a type of health insurance which pays an amount of sum if the policyholder gets diagnosed with a serious health condition or illness. It is a one-time, tax-free payment which helps in paying for your medical bills.
What Type of Illnesses Does it Cover?
The medical illnesses and conditions which critical illness insurance covers vary significantly from insurer to insurer. Here is a list of critical illnesses for insurance that are eligible to get covered:
- Cancer
- Heart Disease
- Organ Transplants
- Loss of Speech
- Disabilities
- Brain Disorders
- Paralysis
- Deafness
- Blindness
- Kidney Failure
- Stroke
Features of a Critical Illness Insurance Plan
In the event of retirement planning, getting such an insurance coverage plan proves to be a lot beneficial. Here are a few benefits of the critical illness insurance plan that you get to avail of:
- Get a Fixed Payment
As compared to other types of health insurance policies, critical illness health insurance coverage pays a fixed amount regardless of how the actual costs incurred to treat the insured. Policyholders get the freedom to utilise this lump sum amount such as paying off debts or covering non-medical expenses. For instance, they can also use the amount to pay for alternative therapies and bills.
- Vast Illness Coverage
There is a vast range of illnesses that get covered under critical illness coverage. The policy covers expenses like the treatment and diagnosis of a range of serious illnesses.
- Premiums That are Affordable
The premiums that people need to pay for acquiring this kind of coverage are very low. This is to ensure that a vast majority of the population can afford the benefits of this insurance policy.
- Easy Process of Claiming
The claim procedure for a critical illness cover is very simple and efficient. Thus, policyholders can get the financial aid they need without going through much hassle.
In addition to critical illness coverage, having a comprehensive OPD insurance plan can offer even greater peace of mind. OPD insurance covers outpatient department costs like consultations, diagnostics, and minor procedures, significantly easing the financial burden for policyholders. Combining critical illness and OPD insurance ensures that both major and minor health expenses are well-managed, making retirement planning more robust and secure.
Factors to Consider Before Opting for a Critical Illness Cover
Prior to adding a critical illness cover, you must get to know about the important aspects of the policy:
- Total Coverage Amount
Make sure to consider the coverage amount carefully. It should be enough to cover all of your treatment expenses. If you choose too less of an amount then the critical illness coverage fails its purpose.
- Applicable Terms and Conditions
Carefully read through all of the terms and conditions. Your policy can include a waiting period. Furthermore, it checks the specific illnesses and diseases that it covers. Thoroughly understand the scope of protection that you are going to get from the coverage.
- Compatibility with Policy
There are certain insurers who might have eligibility criteria set for the coverage. Hence, make sure to go through them.
- Know About the Renewal Policy
When it comes to renewability, plans like these have an age limit. So, you need to select a plan that has a much longer age limit so that it has the option of getting renewed at any stage of your life without any problem.
Conclusion
Getting critical illness insurance coverage added to your retirement plan is going to be very beneficial for you, given its secure nature. The coverage also has an ease of affordability and an efficient settlement process. Secure your future today by getting critical insurance coverage to avail yourself of the financial aid you need and deserve.
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