You may have heard about the term ‘critical illness insurance’ at some part of your life. So, what does that mean? As the name goes, critical illness insurance is the insurance of illness.
To put it into terms, critical illness insurance, which is better known as CI insurance, is a type of medical claim after the policyholder gets diagnosed with any of the disease mentioned in the agreements and/or the policy of the insurance.
Most people get confused with Critical illness insurance and other types of health insurance like life insurance and health care insurance. In fact, even if it’s sound similar to one another, still they have a vast difference with regards to their policy and plans.
Unlike health care insurance, CI insurance can be only claimed by the policyholder ones after getting the medical treatment with the disease. Whereas in any other type of insurance like life insurance, you have to select the nominees who be getting the claims after you pay on.
If you are lucky enough, you probably don’t have to worry about getting critical illness insurance coverage. However, luck is not the factor on which you must rely on. Moreover, most of the CI insurance policyholders assume that they are fully protected by the coverage.
Believe it or not, you will never get financially prepared even after getting good coverage. However, to ensure the best, you need to focus on a good number of claims and coverage. After all, something is better than nothing.
Critical illness insurance 101
Critical illness insurance was developed in the year of 1996 and introduced to the countries like Singapore in 1998. These types of insurance service are getting popular nowadays because of many reasons.
However, if you are capable enough to get insurance, then go for CI insurance without any future debates. Even if you have excellent medical insurance on going, then also critical illness insurance is way is necessary. Above all, just one treatment of a disease like cancer can cause a tremendous amount of financial pressure.
Your so-called health care insurance is just a matter of small amount in front of hefty hospital bills. Although, a CI insurance plan is useful when it comes to a disease like heart attack, cardiac arrest, organ failure, lung cancer, brain tumour, cancer and so on.
Last but not least, there are many plans and important critical illness insurance coverage that most of the insurance companies will be going to provide. If you are planning to buy critical illness plans, then you must know about these plans in detail to determine which one is suitable and which one is not.
Let us have a quiet look at the plans from scratch.
Critical illness insurance coverage plans
As mentioned above, there are different insurance companies that provide different insurance plans. Each and every plan has its separate policy and set of rules for sure.
These plans can payout for those diseases that are not covered in most types of health care insurance. Yes, you read it right. Critical illness insurance plans can cover the cost of illness that is usually ignored by most of the insurance plans and traditional types of health insurance.
Some of the plans like hlas early stage critical illness insurance covers the early stage of expenditure. What does that mean? Let us understand with an example.
For suppose you are diagnosed with a dreadful disease like cancer and but you have the claims of CI insurance for only a few stages of treatment. Then you won’t get the lump-sum amount for the expenses of other stages legally.
However, if you have chosen the hlas early stage critical illness insurance, then it will help you to fill the gap beyond the stages of treatment as described by the traditional critical illness policy.
Well, that means, more serious the illness is, the more claims you will be getting. And yes, this is just one of the benefits you will be getting. There are many more advantages of critical illness insurance coverage plans. Let us know them!
- Coverage from 36 critical illness
There are few insurance companies that provide claims for only a handful of critical illness disease.
Although some of the most common and popular critical illness insurance plans provided by most insurance providers, including the coverage over 35 to 36 types of disease with regards to their severity.
These 36 types of disease are termed as the illness that can cause eventual death if the patient does not get quality treatment in no time. And to your knowledge, this list of critical disease is drafted by the LIA that is better known as the Life Insurance Association of Singapore.
However, you can also make changes in the list and shift the plans by modifying the coverage on disease according to your needs as well as requirements.
- Lump-sum payment
How many times you worry about getting ruined financially after when you are diagnosed with any critical illness. Well, say goodbye to worries and stop thinking about ruining your pocks and bank accounts.
All thanks to the Important Critical illness insurance coverage that provides the policyholder to claim a lump-sum amount after getting treated with a disease like cancer and so on.
Although, make sure that your insurer has plans and policy for other medical expenditure as well. By this, you can get a further extension to the advantage of plans in critical illness insurance coverage.
Of course, it’s always a good choice to get the coverage of other types of medical expenditure if you are planning to hire a personal nurse or caretake, etc.
- Other benefits
Good CI insurance plans will contribute to quality medical treatment. So now, you don’t have to worry about getting medical treatment in a public hospital.
Just like maid insurance promotion, the CI insurance plans will also help you to save your investments and available more claims by not paying taxes and levy.
So, what are you waiting for? Get Critical illness insurance and prepare in advance to be financially stable even after getting diagnosed with a critical disease.