Critical illnesses are life-threatening diseases that cannot only disrupt your physical heath but also financial condition. It brings about significant changes in your way of living. Your savings suffer a huge downfall when you treat them and pay for it from your pocket. Therefore, critical illnesses are covered by many insurance companies.
Insurance companies nowadays offer covers for various requirements. You can have a base health insurance that takes care of your hospitalization costs and medical instances. The critical illness cover can be supplemented with your base policy by paying an additional cost. This way, you maximize your benefits and extend your health insurance coverage at a nominal price.
There are many myths in respect to critical illness covers circulating, and you need to be aware of them.
Here are some of the myths busted, so you have no further questions about critical illness insurance:
- Myth: Critical illness insurance covers me for all the critical illnesses
Fact: No, it is not valid. Your critical illness insurance plan does not offer protection against all the critical illnesses. Therefore, you must check and read your critical illness plan for further information. The critical illnesses that the insurance will cover are mentioned clearly in your fine print of the policy.
- Myth: My critical illness plan includes all the types of cancer if it says it covers cancer
Fact: It is not true for all the cases. Read your documents carefully, so you are aware of the coverage your critical illnesses offer. Coverage might be extended to some types of cancer as specified.
- Myth: I cannot buy a critical illness cover if I have pre-existing conditions
Fact: No, that is not true again. There are different critical illness covers, and some of them ask you to go through a medical screening. It is crucial that your insurer knows your medical history. You might have to pay extra money from your pocket in case of pre-existing illnesses, but that would be worth it when the need arises.
- Myth: All the critical illness plans have a higher insurance premium
Fact: Not every critical illness insurance would cost you a fortune. If you do not want to fall in the trap, do make sure that you compare all the critical illness insurance plan before buying one. You can also make use of a health insurance premium calculator to calculate the premium costs.
- Myth: I need to buy life insurance after investing in critical illness plan if there are low survival chances. Life threatening diseases like cancer, stroke, heart diseases which can lead to death of the patients. Such diseases have a lower survival chances.
Fact:The life expectancy of a person treated with cancer is about five years. More than 90% of people recover and survive after getting treated with cancer. You do not exactly need life insurance. You need a critical illness insurance cover that will have your back and provide excellent coverage.
Whenever you are buying a critical illness insurance cover, you make sure that you know every term in the fine print. There are chances that you might have doubts, some presumptions, and maybe misconceptions. You must get them cleared before you buy the policy. Analyze every plan you go through and make sure you sign up for the plan that fulfills all of your expectations.