CRITICAL ILLNESS INSURANCE

One can become a victim of chronic diseases at any point in life. It is hard to survive with severe disease if one is not financially prepared. That is why getting an earlier coverage for all medical emergencies like heart attack, cancer, stroke, or kidney failure is a wise decision. Critical Illness insurance helps meet the expenses associated with a specific life-threatening disease. Be it a hospitalization fee, doctor visits, or any other medical cost, this insurance type pays a good lump sum amount to the insured person. One needs a plan because

• When diagnosed with a severe illness, a victim might have to skip the job to get treatment. Means, insurance can work as your income to pay for expenses.
• It is hard to pay for frequent visits, expensive treatments, and medicines, even if you have savings in your account. Insurance covering severe disease ensures your years of savings do not erode as it covers more than your expectations.

The score of victims with life-threatening illnesses is on the rise. People now in the 20s and 30s get diagnosed with life-threatening diseases. Certain circumstances help you know whether to go with this type of insurance plan or not:
Family History of Severe Disease: The common reason behind becoming a victim of severe disease is family history with dreadful illness. It is good for an individual to get a protective cover in advance to live a worry-free future.
The Only Earning Family Member: This insurance plan works for those who are the only earning member of the family. It is the best way to secure the entire family and keep the financial distress away from the loved ones.

Pros
• Insurance covering critical disease can prevent the insured person from paying unwanted costly treatments.
• Flexible; allows the policyholders to pick the coverage and range of conditions as per the choice.
• It offers a lump sum amount with no tax.
Cons
• Not all severe health conditions covered under this policy.
• Higher premiums associated with this insurance type.
• The payout is only for the disease determined under the insurance.

The policy that is associated with severe illness can be complex to understand. An expert Insurance broker can help you understand the process and suggests the policy meeting all the circumstances.