Things you should know about critical illness insurance

Things you should know about critical illness insurance policies | Mint

People like to have health insurance coverage in place in case an unexpected incident occurs. This is because many illnesses may arise without warning. Numerous people are choosing to purchase critical illness insurance because a critical sickness has the enormous potential to drain someone of their finances.*

If someone is diagnosed with a severe illness, they would be able to receive financial aid if they had a critical illness insurance policy. Before choosing, read on to fully grasp the importance of critical illness insurance coverage and make a well-informed decision.

What exactly is critical illness coverage?

One among various insurance plans, critical illness insurance covers a person for life-threatening conditions like cancer, heart disease, stroke, kidney failure, etc. A person who purchases such an insurance may be able to pay for their medical expenses, time off work, and lost wages.*

Such a policy can also offer the mental comfort of knowing that a person and his family are safe from the financial ramification that come with such a disease.

People can also utilise critical illness insurance as an add-on to their current health insurance plan because some health covers may not cover severe conditions. People with high deductible health plans may want to think about purchasing critical illness insurance to help cover the expense of medical care in the event that they fall ill.*

Considerations to Make Before Purchasing a Critical Illness Policy

There are many advantages to having an insurance policy. In addition to the advantages, there are several more considerations that need to be made:

  • Be aware of the number and categories of illnesses covered by insurance: Not all types of critical insurance cover the same list of ailments and disorders. A critical illness insurance coverage covers critical illnesses like cancer, heart attack, or stroke. People should carefully consider the list of diseases they are highly concerned about. For instance, if a person has a history of cancer in his family, he may want to look for insurance that covers this illness.*
  • Amount of coverage: A person’s specific situation can determine how much coverage they require. A person can choose an insurance that may just pay for the costs of treatment and recuperation, but they can also choose to be compensated for lost wages if their disease prevents them from working.
  • Exclusion and limitation clauses: Every policy includes specific exclusions and restrictions. The insurer must read the policy’s fine print to comprehend what is and isn’t covered by the policy.*
  • Benefits & perks: Each policy offers the insurer a variety of advantages. When a covered sickness is diagnosed, some policies allow for lump sum payments to the insurer, while other insurance plans cover lost wages and medical costs.* 
  • Deductibles and co-payments: These are included with these kinds of policies. Before the health insurance starts to pay, the insurer pays a deductible. To choose the critical illness insurance that suits their needs well in terms of costs and advantages, one should examine the deductibles and co-payments of several policies.*
  • Premiums: A policy’s premiums may differ from one firm to another as well as from insurer to insurer. Therefore, before buying a policy, customers should examine the premium costs of different plans.


It is usually preferable to speak with your financial advisor or a health insurance representative before enrolling in any types of health insurance to get all the facts. You could also research online. One should only choose to opt in or out of such policies after weighing the advantages and disadvantages of each.

*Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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