Life is unpredictable and it is best to prepare yourself against unexpected twists and turns. The lifestyles we live today, has put us at an increased risk of developing critical health conditions. Being diagnosed with critical illness not only puts you in an emotionally stressful situation but also challenges you financially.
While medical advancement has made it possible to treat critical illnesses, not everyone has access to such treatment options. The main reason being ever increasing medical expenses. To be able to afford quality treatment options, it is imperative that you buy a critical illness cover. It will provide you with a financial cover in times of crisis.
Here is how to choose the best critical illness cover:
Type of Policy:
You can either buy a life insurance with critical illness rider or a stand-alone Policy. Life insurance with add-on rider will pay for expenses incurred while undergoing treatment for critical illness and will also pay in case of your unfortunate demise. You should consider buying a stand-alone cover only if you already have a life insurance policy in your portfolio.
Types of illnesses covered:
Each cover will have a different list of illnesses covered. This will vary from provider to provider. It is advised to look for a policy that covers illnesses that you think you are vulnerable to. The better you understand the nitty-gritty of the policy, the more chances that you will choose the best critical illness cover.
Know your medical history and current medical condition:
Your level of fitness as well as medical history is evaluated before deciding on the premium for your critical illness cover. The higher the risk of you being vulnerable to developing diseases, the more will be the premium. Thus, experts recommend buying a cover while you are young and fit.
Consider your affordability:
Depending on your financial situation you can decide whether to buy higher coverage or not. If you have some pending dues, you can settle with a low level of critical illness cover. If you think you can cut down on unwanted expenses to be able to afford a decent coverage for your critical illness insurance
Number of dependents:
If you are the only earning member in the family with dependents, then you might have to choose critical illness policy with a longer coverage period, enough to ensure your family’s financial stability. And if you are young and single, start with a critical illness policy that can cover your medical treatments in the event you get diagnosed with a critical illness.