Things to Know – Critical Illness Insurance Coverage

Talking about insurance coverage, critical illnesses insurance is one of those plans you need to know. As its name suggests, this is a health plan insurance designed for severe illness. When you need to pay for your medical care expenses due to several illnesses, this coverage will be billed. This insurance is supplemental and can be purchased along with your primary health insurance. Still, some restrictions are applied. Make sure you ask your insurance company before applying for critical illness care insurance.

How it works

Critical illness insurance requires you to pay a monthly premium, just like many types of insurance on the market. The policies offer insurance coverage from USD 5,000 up to USD 500,000. The premiums you must pay depend on the coverage amount you’ve purchased.

Also, it depends on several aspects such as your age, general health, how many illnesses covered by the policy, and many more. You need to check with the insurance company. Some plans even require a thorough health screening to make a health assessment, almost similar to life insurance.

Illnesses covered by the insurance plan

Insurance Policy Image

Before you buy this health plan, you need to know everything covered by the plan in the first place. The basic illnesses covered by this insurance plan include stroke, heart attack, and cancer since these are leading causes of death yet the most common critical illnesses. The insurance plan also includes some other illnesses such as renal failure, angioplasty, coronary bypass surgery, heart transplants, cystic fibrosis, sclerosis, and Alzheimer's disease. The insurance plan will pay the case to you, directly, so you can use it to pay for anything.

Should I buy critical illness insurance?

We all agree that all types of insurance always include a gamble in it. However, it is also such an investment as well as peace in your mind. Some people pay for it for years without needing the coverage ever. Some insurance policies also appear more inexpensive and you need it the most.

More than anything, critical illnesses can put a person in financial hardships. Thus, you need to consider these things before purchasing critical illness insurance. Besides assessing your health condition, consider your risk of developing critical illness in 10 years.

Find out whether or not your family members are at risk of those illness types. Other than that, check the coverage of your health insurance. Consult your doctor before purchasing critical illness insurance coverage.

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