Before we jump to how to choose critical illness insurance lets to understand what is critical illness insurance? It is an insurance plan that provides you with security against 37 life-threatening diseases and their surgery cost. You can both combine it with your life insurance policy, or you can buy it separately. When you get diagnosed with an acute disease, you get a lump sum amount from the insurance company which you can use as you need. This advantage adds extra benefits to your health insurance policy which only pay for medical cost and hospitalisation charges.
Cancer, coma, heart attack, sclerosis, kidney failure, and paralysis have become a common disease, and almost every one of the four people is suffering from it. The above epidemic is growing at a fast pace. As a result, it is essential to get insured against these diseases, or it can empty your pocket in a snap time. Hospital charges, treatment cost, continuous diagnosis, medicine, doctor fees, and dialysis is a lot of expense to bear. It makes it crucial to choose the right critical illness plan. For a reason, we are suggesting you seven tips to keep in mind while purchasing the illness policy.
1. Look for higher coverage policy: When you are looking for which approach to choose, it is best to look for a policy that provides maximum coverage. It is not possible to predict from past the probable medical illness you might attract, so it’s best to secure the maximum. Ensure that your critical illness policy must confirm all the type of expenses like medication, treatment, pre-post hospitalisation charges, dialysis cover, and day-care treatment. If possible, try to cover the cost of ambulance and organ donor cover.
2. Premium amount: Premium amount is the sum amount that you pay against the critical illness insurance plan. It is a fixed amount set according to the policy coverage that you have to pay after regular intervals. You can also calculate this amount by yourself in many health insurance premium calculators available online. These calculators are also available on the website of many insurance companies. By calculating it yourself, you will not have to bear false charges or losses.
3. Understand the workings of your plan: The first thing when buying a policy is to understand how it works. Basically, in all insurance plan, you get a lump sum amount at the time of diagnosis of your acute disease. Once you get the diagnosis result, you or your partner can submit the reports of the diagnosis to the insurance company.
After the analysis of the information, the company provides the amount directly to the person which you can use in whatever area you require. You can pay it for medications, treatment, hospitalisation and doctor’s visit cost. The sum you assure is fixed and defined. You can ask your insurer about the amount confirmed and can make your required decision.
4. Know the waiting period: Always enquire about the waiting period before you choose a policy. The waiting period is the set forth time-period only after which the policy is payable. It is best to ask for the duration of the period before buying the policy plan. Generally, in critical illness, the time is of ninety days of the beginning of the policy. Whereas if you have a pre-existing disease, the duration is of 48 months. Therefore try to take an approach that has a less waiting period.
5. Check exclusion: Never forget to check the list of expenses that the insurance policy do not cover. The exclusion list has the details of every situation and every cost that you cannot ask claim. It is the essential part of the form and can save you from choosing the wrong policy. Always try to select the critical illness policy, which has minimal exclusion.
6. Confirm the age: Some insurance policy offer assistance and protection up to a specific period only. This age can be sixty or beyond. However, there are also special coverage that offers lifelong protection; it is for senior citizens. So before you take a policy plan, make sure you can cover the maximum number of age.
7. Sub-limit: When you understand how to choose critical illness insurance, it is vital to consider the point of sub-limit. You need to check the sub-limit of the policy carefully; they are of two types. First, there is a sub-limit on the amount payable as rent for a hospital room. Second, there is a sub-limit on the category of the disease again, which you can get the claim. You can choose this sub-limit as per your choice. There is a separate section of the sub-limit clause for the prevention of any confusion.
Who should buy it?
To safeguard yourself from widespread diseases like heart attack, cancer, diabetes and other types of illness, you should take critical illness insurance. It would help if you took precaution as soon as possible to avoid the condition of the request getting rejected due to pre-existing disease. For example, if you have a family history of coronary artery disease or heart stroke, it will not be easy for you to take insurance cover against it. Other conditions in which you can consider taking the critical insurance plan are:
- If you are a senior citizen.
- Bread earners.
- Individual who has crossed the age of forty.
- The actual hereditary problem of illness.
- People have tremendous job pressure.
In today’s fast world, you do not care about your eating habits, stress level, pollution exposure, or your day to day living a lifestyle, so it is better to stay protected financially. The treatment cost can drain all the money you have saved from lifelong work. Therefore it is advisable to secure it through the insurance plan.
After reading all the points, you must know now which critical illness insurance policy to choose to secure your future thoroughly. Among the most required insurance policy in Singapore, there is one more policy that is mandatory to take, which is online maid insurance Singapore. It also saves you from various losses do consider it.