April 17, 2024


The Best Heatlh Under One Roof

Critical Illness Insurance – Your Safety Shield

When young and energetic, most people do not think about critical illness insurance. Emergencies can often take the form of critical diseases. It is very important to take advance precautions and safeguard yourself with critical illness insurance cover. Only a small amount every month can save you bank balance later in life. A small but regular amount is not a load on your pocket. It is like skipping that extra coffee or that cherry cake to save a few pennies per month.

What Is It All About?

Critical illness insurance was introduced in South Africa in the year 1983. It was also sold as cancer policy in the US, wherein it covered some specific types of cancer. Gradually, it gained popularity and now it is being sold across the world. In this type of insurance, if a critical illness is detected, the insurance bearer receives a lump sum amount which is tax free. The critical diseases and conditions are already mentioned in the insurance document. Usually, problems like cancer, kidney failure, specific heart problems and specific strokes are considered critical. The insurance company will take into account various factors like age, general health, profession, medical history among others before approving your insurance. Higher premiums are usually charged for smokers.

Secure The Future

Critical illness cover is also called Trauma Cover, Crisis Cover and Living Insurance. This insurance is an important tool against long term problems. It is financial security and proof against future medical emergencies. The rising medical costs can even make people bankrupt. To take this insurance is vital. In countries where social security measures are inefficient, critical insurance becomes a must. Also, you can have access to the best medical care without draining your pockets. The amount provided by the critical illness cover can be used for other urgencies as well like personal bills, mortgage amount among other financial liabilities that have arisen because of illness. Critical illness insurance offers three major advantages.

* You can have your premium locked for ten to twenty years just like a life insurance policy.

* The policy can be reaped even if the bearer passes away during the medical care. Some companies have a few restrictions in this clause.

* You can take this policy even if you are poor. This insurance can be purchased by anyone.

According to research reports, more than 50% bankruptcies happen because of medical problems. It is better to take this cover rather than taking bank loans or payday loans at high interest rates.

Get The Best Insurance

You can also get this insurance online. The process is hassle free and safe. There are many good companies that sell this insurance. Before going for this cover, you should make sure that you read the terms and conditions carefully. There may be certain hidden clauses and conditions unsuitable for you. It is also important to check for the company’s reputation and past records. A critical insurance is not the same as life insurance. There are many companies that are reputable in the field of critical insurance; you should trust only a good one. Critical illness insurance is the best way to get out of medical bill mess.