Critical Illness Guide

A survey has shown that people tend to take life insurance coverage but miss on critical illness coverage. However, with time people are more aware and opt for critical illness coverage as well. Critical illness is a disease which most likely not curable and results in death. Critical illness coverage policy covers the insured in case the insured becomes critically ill. Most of the policies cover a list of critical illnesses and it varies from one policy to another. The most common critical illness to be covered is stroke, heart attack, cancer etc. However, to be eligible to get the payment for the same you will require surviving with the illness for at least a month.

The coverage amount paid by the company in case you become seriously ill is tax free and paid as lump sum amount. Many people do not think about taking up critical illness coverage until unless they become parents and have a mortgage. Getting critical illness coverage gives peace of mind that in case of any serious illness children will be safe financially and will have a secured life. This can be helpful for many other people like those who have a mortgage can take up critical illness plan to make sure that they will be able to pay off the debt even when they are critically ill.

Not all the critical illnesses are covered by any policy and one should be very careful while buying the policy. Make sure you go through all the documents carefully and take a decision only when the policy satisfies all your conditions. Most of these policies pay the insured a lump sum of money when they get ill and may not pay for longer term or in case of your death. Thus, it is advised that other forms of protection may also be considered along with critical illness policy like, life insurance, income protection or payment protection so that it will provide an extra layer of protection to your family or dependents. In case you do not have a family or any dependents then just having critical illness coverage to pay off your medical bills or any mortgage debt is enough. It is always recommended that do not look for cheapest insurance but look for the one which will provide you with best level of coverage and that will give true value for the money you invest.