Buy a term plan and secure your family
The only thing predictable about life is its unpredictability. You might have to confront a critical illness at any stage of your life. During times of distress, it becomes difficult to afford illness related expenses along with accommodating other financial needs. It’s even more difficult when the breadwinner of the family goes through treatment for critical illness. That is why it is important to get a critical illness rider along with your term insurance plan.
Sometimes critical illness insurance is also known as catastrophic illness insurance. It provides additional benefits to address medical emergencies like cancer, bone marrow transfusion, etc. because these kinds of medical emergencies generally cost higher than regular medical expenses. Critical illness insurance is available for a comparatively lower cost and can serve as a helping hand in times of financial difficulties.
Term insurance is a type of insurance that can be purchased by paying affordable premiums for a pre-determined tenure. It has no maturity period; thus, the family is entitled to get benefits only in the event of death.
These plans are affordable, hence an ideal choice for people looking out for decent plans on a lower budget
Critical illness insurance provides coverage against certain fatal diseases. Such illnesses may need daily hospital visits for a prolonged period. Thus, these illnesses cost a lot more and can land the person in a debt trap.
Critical illness insurance ensures the required cash flow during the whole recovery period from the disease. A term insurance plan that comes with a critical illness benefit would provide the pre-decided lump sum amount to the insured, which would help him/her to cover the ongoing medical expenses.
Critical illness benefits can have a major impact on the finance of the family. Critical illness insurance add-on provides a lump sum amount that would act as coverage for both medical and household expenses. Money availed from a Term plan for critical illness can be utilised as coverage for the illness-related expenditure as well as for day-to-day expenditure.
The policyholder is insured against life-threatening diseases such as cancer, heart attack, organ failure, etc. All these are covered under the critical illness insurance policy. Treatment of this kind of disease can loosen your pockets, and sometimes people also get caught in a debt trap because of the expenses. Critical illness insurance would provide a lump sum amount that would cover all your medical expenses as covered by the insurance company.
Critical illness cover is cost-effective as it covers only a few specific diseases, not all the diseases. These diseases are pre-specified in the policy cover. For example, an all-inclusive policy plan could give a cover of 100,000 AED for 500 AED. But you can get the same cover for 125 AED premium annually if you opt for a critical insurance policy.
Unlike a regular insurance policy, one is not required to submit proofs such as doctor’s prescription, bill of the hospital, etc. For claiming the amount of critical health insurance policy, only the diagnosis of the disease is enough. Insurance companies generally clear the claim after seeing a report of the disease. Thus, claiming the amount for a critical health insurance policy becomes a hassle-free task.
Critical illness policy cover is generally for a longer period in comparison to regular health insurance policies. Some of the insurance providers also offer lifetime renewal facility in these types of policy covers. Also, the amount assured as a cover is greater than the amount one would get in regular health insurance policies. Thus, it is affordable to buy a critical insurance cover either as a complete insurance plan or along with the regular health or life insurance policy or even as a separate plan.
Some leading insurance companies that provide critical illness cover:-
The bottom line
In today’s fast paced world, life has become unpredictable. It is important to keep your insurance plans well designed in order for them to yield benefits when you need them the most. Critical illness add-on can be opted for separately at any point in time and can also be clubbed with the ongoing term plan by paying some extra amount of premium. However, proper research has to be done before getting the critical insurance cover as there are a large number of insurance providers giving different features and benefits.
Policybazaar.ae offers the lowest premium rates in the market and can help you in comparing all the plans so that you can take a better, well-informed, and cost-effective decision
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