Buying Critical illness Insurance

Ravi’s parents were both diagnosed with serious illnesses in the same year. His father, aged 65, was diagnosed with major stage cancer of the stomach while his mother, aged 62, suffered a stroke soon after. While it was a traumatic shock for the family, his parents assured Ravi that the disease would take no toll on their financial resources because they were covered under a health insurance policy. They had been paying high premiums for several years now, but when Ravi approached the insurer to settle their claims, he was turned away. The insurer informed him that his parents would be unable to avail the benefits of health insurance coverage since they had suffered from critical illnesses which were not covered under their plan. He advised Ravi to read the fine print of the insurance documents, where diseases like these were listed under exclusions. While his parents both recovered, Ravi learnt a valuable lesson regarding the kind of insurance required for ensuring coverage in case of critical illnesses. The insurer explained that different benefits could be availed under heart insurance, but that it was too late for his parents to begin a plan now.

Critical illness insurance provides protection to policyholders against serious diseases, which require expensive treatment procedures. Heart insurance is one kind of critical illness insurance which provides coverage in case of cardiovascular diseases, while other kinds of critical illness insurance include coverage for cancer regardless of the stage it is diagnosed at. Like all insurance policies, it is essential to avail a critical illness insurance plan before the need for it arises. At the time of being diagnosed with a critical disease like a stroke, heart insurance ensures a seamless process of settling the huge bills that turn up at the time of treatment. It helps the family save costs and a lot of mental stress.

Read on to learn the benefits of buying critical illness insurance, like a heart insurance plan, early.

1. Lower Premiums:

Insurance premiums are decided on the basis of a variety of factors, including the age of the policyholder. Insurers will allow younger policyholders to pay less expensive premiums because their health is better, and they have a lower probability of contracting a serious disease. However, for older individuals, insurers usually charge a higher premium because they are more likely to require the coverage the insurer is liable to pay. Applying for a critical illness insurance plan like a heart insurance plan is easier when one is still in their 20s or 30s because insurers will allow for lower premiums, which will ensure maximum savings. Plus, if the policyholder does ever require coverage, the longer time period that they have paid premiums for will ensure an easier claim settlement process.

2. Lump Sum Payment for Diagnosis & Treatment:

Critical illnesses often are more expensive to treat than regular diseases. As a result, the critical illness insurance policies usually provide lump-sum payments for diagnosis as well as treatment and even post-operative care. This is a vital aspect of critical illness insurance policies, since cases abound of people not seeking appropriate treatment because they are not affordable. Opting for a critical illness insurance policy when one is younger ensures access to the best treatment and procedures when the need arises.

3. Related expenditures can be covered:

In the case of cardiovascular disease, patients may often need to travel to a different city or country to seek the requisite treatment. The patient will also be accompanied by family members or friends, and the travel expenses for so many people can get very expensive, especially when one is already worried about how much treatment will cost. Heart insurance will allow for payment of these miscellaneous expenses that crop up in the course of treatment.

4. Family’s lifestyle need not change:

When a person in the family, and especially the primary breadwinner, is diagnosed with a critical disease, it often takes a toll on the entire family’s lifestyle. The family works towards saving funds to aid the person’s recovery, and compromise on living as comfortably as they are used to. However, with a heart insurance or with an overall critical illness insurance policy in place, people need not worry about cutting down on their expenses and can continue living their life comfortably while also taking care of their unwell relative.

It is best to buy critical illness insurance as soon as possible, since it saves policyholders a lot of mental stress later by taking care of their expenses incurred during diagnosis and treatment. The Heart and Health Insurance Plan provides coverage against 59 critical illnesses and surgical procedures, including heart and cancer ailments.