The present day hectic lifestyle is full of stress and tension which adversely affects the health of most of the people all over the world. Moreover the eating habit of the people has also changed drastically due to which the body does not get enough nutrition. This causes many health related problems and people suffer from many types of diseases. Most of the times it is observed that these sufferings weaken the delicate organs of the body and as the person advances in age these organs become weaker which leads to serious illness that is also known as critical illness.
Observing this increasing trend of people suffering from critical illness before their retirement age the life insurance companies have launched their health policies in the market in which they provide coverage for critical illnesses and have named it critical illness insurance life.
1. Now you may think what critical illness is and what type of coverage do the insurance companies provide for these types of illnesses?
Critical illness means that type of illness which can cause many types of disabilities which can reduce the working capacity of a person or make him totally incapable but will not lead to death. A critically ill person can live for many years. The insurance companies provide coverage of a lump some amount which helps you to meet the exorbitant hospital and medicine charges without exhausting your savings.
2. Another major question that may arise in your mind is that when you have a life insurance policy why you should opt for critical illness insurance life?
Here it is necessary to understand the difference between the general life insurance policy and the insurance policy for critical illness. In the life insurance policy you will get the money when the policy matures or your family will receive the money on your death before the maturity of the policy but if you fall critically ill then you will not receive any money from this policy. In critical illness insurance life you get the security of not only bearing the medical expenses but there are some companies which have the facility of fixing a monthly income so that you can maintain the lifestyle that you used to when you were earning.
3. You may think that there is the facility of a free coverage for terminal illness with life insurance policy then why take critical illness insurance?
There is a vast difference between terminal illness and critical illness. Terminal illness means that kind of illness which will certainly lead to death within a short period that is within a year. Of course for this you need a Doctor’s certificate but in critical illness a person can survive for many years. So he will need the money for meeting the regular expenses that he has to bear for maintaining himself and his family. Here the critical illness insurance life lends a supporting hand by providing a monthly income equivalent to the income that he was earning or by bearing all the expenses during his illness so that he can easily survive on his savings till he regains health and starts earning.
4. When should you avail the policy of critical illness insurance life?
There is no need to think about the time or the age when you can buy this policy as critical insurance can be bought at any time. If you are thinking of buying an ordinary life insurance policy for tax saving then instead of buying that ordinary policy you can opt for the critical illness insurance policy which has the facility of providing life cover. This will not only give you tax benefits but will also save money as you will be able to get two facilities in one policy. Moreover on a combined policy you can get the facility of a fixed premium that will be guaranteed which is not available if you buy the two policies separately.
5. Are you thinking how will it be useful if you have to pay more premium than ordinary life insurance policy?
It will be useful as you will also get the coverage for terminal illness and if any untoward happening takes place in the future your family won’t face a financial crisis. This facility of the family receiving the money is not provided in the policy which is meant only for critical illness. Another facility that you will get in the combined policy is that, if you suffer from critical illness and die within three weeks due to the illness your family will receive the assured amount and the death benefit. But if you have purchased only critical illness then the insurance company will not make any payment and you will bear double loss as your family will have to face financial crisis as they will be left without any money after your death as all the savings will be spent on your treatment.
