All you need to know about critical illness insurance Most people go without hearing about critical illness policy unless your friend or relatives mention amidst health emergencies, such as cancer or heart attack. With increasing healthcare costs and increasing cases of cancer and heart conditions, critical illness insurance can save you from the financial ruins. Why buy critical illness insurance? Against the common assumption, a standard health insurance plan doesn’t provide complete protection against the huge expenses and hospital bills of a terminal illness. Moreover, depending on the policy you choose, the insurer provides the sum assured in a lump sum amount. Unlike traditional health insurance, critical illness plans cover out-of-hospital expenses such as daily expenses and transportation from and to the medical centers. Apart from these, a sum assured from critical illness plan can be used to cover a variety of expenses such as:
Covering expenses of critical medical services that otherwise may not be available.
Treatments that are not covered by traditional health insurance.
Daily living expenses as a replacement of your income in case your health condition forces you out of work.
How much are the cost and coverage? For the financial protection it offers, critical insurance policy comes with appealing low cost, especially when you buy the plan through your employer. Although these plans cost low, the plan pricing and premiums depend on various factors such as your age, gender, family medical history, as well as current health conditions if any. Also, keep in mind that the more terminal illnesses your policy covers larger the premium you’ll have