Why Is Critical Illness Cover a Must-Have in Your Insurance Portfolio?

Have you been looking for the right critical illness cover to add to your insurance portfolio? It is certainly a step in the right direction since it is one of the most crucial insurance options you can opt for. At the same time, it comes with several benefits you should also be aware of.

Knowing More About Critical Illness Cover

Critical illness cover is one of the best insurance options that you can get as either a standalone policy or as a rider with your existing insurance policy. What it does is pay a fixed amount if you are diagnosed with any such illness. This has to be on the list of the ailments mentioned in the policy of course. The money naturally helps in several ways during this critical time. Some of these critical ailments include cancer, end-stage kidney failure, heart disease, major organ transplants, strokes, etc.  It is important to note that the illnesses covered vary between policies, and not all policies cover the same conditions. Irrespective of your actual medical expenses, you will get the amount that is guaranteed in the policy.

Why It Matters?

Imagine a scenario where you are suddenly diagnosed with any such illness, and the medical insurance coverage is not enough. What do you do? Do you break your deposits and investments or deplete your savings to fund the remaining costs? Or do you compromise on treatment? At the same time, suppose you have to stay off work for a while, and the income flow stops. What happens then?

This is where critical illness cover comes in extremely handy, offering a lump sum payout that you and your family can use to meet these out-of-pocket costs beyond insurance. At the same time, the amount can also help address other expenses during this period, such as recovery and rehabilitation costs. What does this give everyone in the family, most importantly? Immense peace of mind, knowing that they can give you the best treatment possible while also taking care of all financial needs during a challenging phase. That is where the real beauty of critical illness riders lies. Neglecting the same will not be a wise decision.

Choosing the Right Policy is Important

Now that you know why a critical illness cover is a must for your insurance plan, how do you go about choosing the best one?

● Always check the list of ailments in the policy document and examine your personal and family medical history and lifestyle.

● This will help you find the most suitable policy for your specific needs.

● Choose policies that offer comprehensive coverage of critical illnesses, but also carefully evaluate the claim eligibility criteria, exclusions, and waiting periods. 

● Compare premiums for the same coverage amount and go for the one that is most cost-effective without compromising on the quality of coverage.

As you can see, critical illness cover is a vital step towards strengthening your insurance portfolio. It helps you and your family stay financially secure in a variety of pressing situations. This is where it becomes a value addition to any insurance plan. Without further ado, add it to your insurance plan today.