Critical Illnesses are overwhelming for all – any illness for that matter can be stressful. The added pressure of heavy financial burden due to such illnesses can take a toll on a family’s emotional, mental, and financial well-being. This is why it’s imperative th at you should have a critical illness plan that not only protects your interests but your family’s as well! A critical illness plan usually covers cancer, paralysis, stroke, heart attack, liver diseases, etc. These illnesses require heavy payments pre and post-hospitalization and a critical illness policy will take care of the medical expenses that you would have to endure even as you navigate the difficult period of ill health.
The good and the bad thing about insurance policies is that there is no one right answer for everyone! You get to choose one that’s right for you from research and comparing different policies as per your requirements. The way to find just the right for you is by gauging certain important factors –
Every critical illness will require a different budget and thus finding the ideal sum assured is important by looking at the average medical costs. This will provide a perspective on how much money would be required at the time of hospitalization, pre-hospitalization expenses, etc.
A very important factor that has to be considered when buying the right critical illness plan is how many diseases are covered under the policy. You should also keep in mind that lifestyle factors and family history play a major role in leading to critical illnesses. Accordingly, you should take up a policy that covers most of the diseases you or your family would be prone to.
Waiting Period Involved
Since critical illnesses are time-bound and time is of the essence – the waiting period becomes supremely important. An ideal plan shouldn’t be too long and should provide benefits swiftly.
As life can be unpredictable, we always recommend preparing for the worst. A critical illness plan does exactly that! You can check out the critical illness insurance plans offered by Chola MS here.