The simple answer to the question of what is critical illness insurance is that the insurance policy provides you with protection against specific illness. Suppose you have been diagnosed with a life-threatening disease. In the case, the policy pays for the treatment of the disease, takes care of your total expense or pays off all your debts. Understanding the reason behind the loss should be your illness and your inability to perform tasks.
The standard critical disease that the policy protects for are cancer disease, dread disease heart attack, or stroke. This type of insurance policy helps to lessen the financial pressure of the patient after they recovered. Although the policy does not provide coverage for every disease, the coverage for the most common critical disease is available.
Critical illness insurance workings
Now we come to how does critical illness insurance work. Though medical science has advanced a lot, it is essential to take the insurance policy. The survival rate of people has increased in the past years, but the expenses relating to medical treatment can be draining. The healthcare charges and the diagnosing expense are also increasing with the advance rate.
The critical illness policy pays single lump-sum money at the time of diagnosis of the disease. The individual or her partner can submit the claim for receiving benefit after the diagnosis, and the amount is paid to him directly.
You can claim the amount for the grocery bill, medical expense or utility payments. If you also want to carry out an experimental treatment that can cure the critical illness, the policy provides coverage for it too. The company will also reimburse travel expense, lodging expense, or the doctor’s visit charge made for the disease. Suppose when you are suffering from a life-threatening disease, the insurance policy free you of all the financial pressure. Thus you can focus on your recovery entirely.
Disease covered by the insurance policy
The insurance policy provides support for the most common life-threatening diseases like:
- Heart attack
- Bypass surgery
- Kidney failure
- Invasive/Non-invasive cancer
- Organ transplant (major)
- Severe Alzheimer’s disease
- End-stage liver disease
- Benign brain tumor
The coverage is provided to people between the ages of 5 to 65 years. Individual who are less than 45 years of age are also not required to go through a medical checkup. Many insurance policies offer additional benefit called a rider. By adding this benefit, the policy can provide benefit to your children and spouse by covering their critical illness expense too. You can also make an option where if you die from any other thing than critical illness, the company can give a part of the rider’s premium to your family members.
If you are worried about any other disease that you might want to cover, then you can take coverage for it too. Extra critical illnesses that can be covered by the insurance company are:
- Loss of Sight
- Severe Burns
- Advanced Parkinson condition
- Loss of hearing
- Advanced ALS
The benefits of getting critical illness insurance policy
After you know how does critical illness insurance work, we are discussing why you need to buy a critical illness insurance policy and its importance in your life. The following are the benefits of the policy:
- Prevent draining of your savings: If you have an acute illness disease, it can deplete your savings completely. The saving that you have made from your entire life for your child’s education or marriage or any other purpose. The savings get lost from two sides. One you will not be able to make more money because of inability to work. Second, the savings you already have can drain in the diagnosis and treatment process. The day to day charges of the medical centres requires large amount. In the above case, the insurance amount can help a lot. So it would be best to cover your critical illness.
- Survival rate increases: If there is no shortage of coverage, and you have enough fund in hand the chances of your survival rate increase. You can opt for required medical help without the tension of paying the bill.
- Payment of your debts: The vast amount that you receive on the diagnosis of the life-threatening disease you can use it for paying off the dues and debts. These liabilities can be a home loan, EMIs and personal loans.
From the above points, it is clear that critical illness insurance coverage is essential for your daily living. So you must purchase it as soon as possible. One more insurance policy that can provide you benefit is domestic maid insurance Singapore.
Finding the best critical illness insurance policy
There are different types of insurance scheme; each has different benefits and costs. So you need to find the best possible insurance coverage. You should first see how much is your budget and how much you want your premium to be. It would be best if you also considered that the insurance policy you take should be able to cover the treatment cost. If you take a more considerable amount of coverage policy, it will be better.
Since you can get coverage of all type of expenses that you incur, it is advisable to find the best. You can use the policy amount either for transportation cost or for experiment treatment. You will be able to decide more correctly which one to opt for if you know the reason for which you want to use the amount.
With all the information given above, you will be able to find the best critical illness policy for you. It is very required in daily life to cover for the uncertainty. There is also the uncertainty of losses caused by your maid, which you can cover from other insurance, domestic maid insurance Singapore. Both the insurance policy can help you get secured for the future. You can take it for covering your medical expenses and the other insurance to cover your maid’s medical expense.