Things to look at before buying a Critical Illness Insurance Policy

Critical illness is precisely like an unwelcome guest that takes a massive toll on your health as well as your wealth. Kidney failure, cancer, paralysis, heart attack, etc. are some of the primary critical illnesses that can create a significant hole in your pocket.

So, how do you prepare yourself for the unknown, especially now, when these diseases have become so common? The answer is to opt for a critical illness insurance plan. Here are a few things to look out for, as compiled by our financial advisors at Trust Life Insurance and Investments before buying a Critical Illness (CI) insurance policy.

Check the functioning of the CI plan

The first thing to check is how the CI plan works. Typically, under the CI plan, you get the lump sum after submitting the diagnosis to the insurance company. You can pay for treatment costs, hospital costs, medications, and doctor’s fees.

The sum insured is defined and fixed.

Seek maximum coverage

When browsing health insurance providers, you should look for critical illness coverage which provides you with maximum coverage. Ideally, a decent critical illness coverage includes pre and post-hospitalization costs, diagnostic costs, treatment, and medication. Organ donors, day treatment, dialysis coverage, ambulance coverage, and second opinion are some of the benefits that you should also get from your CI coverage.

Premium amount

You can calculate the premium with the help of our financial advisors. In this way, you can opt for the perfect plan that protects you from financial losses and supports you in your hard time.

Check exclusions

Before purchasing the CI plan, you should check the list of exclusions from the insurance company. The exclusions are the situations that the insurance company does not consider.

Know the waiting period

The waiting period refers to the stipulated period within which the policy is payable. Make sure you are aware of the waiting period before purchasing the policy. Your financial advisor can help you find a plan with a low waiting period.

Check the age

Before choosing a critical illness plan for you or your loved ones, you should also check the maximum age for renewal. Some health insurance providers offer a CI plan up to a specified age, and in some plans,  you cannot be over 60.

Get in touch with us to know about the best Critical Illness Insurance Plans for you

Critical Illness Insurance can be purchased as a standalone policy or as a rider to your existing policy. Which one is the best for you? Get in touch with our financial advisors to know more about critical illness insurance.

Also, refer to the video below to get a brief idea of the benefits and cost of our simplified critical illness insurance plans available both as a rider or a standalone policy.