Critical Illness Insurance - Errors to Avoid
In today’s time, technology has become a big part of our life. It has improved our quality of life, but it has also led to increased stress and the possibility of critical illnesses. Nowadays, more often we hear people diagnosed with critical ailments like heart attack, paralysis, cancer, kidney failure, etc.
These diseases not only bring a financial crunch into one’s life but also cause physical and mental pain to the patient and his family. The best way to make provision for such unforeseen circumstances is through buying critical illness insurance.
However, selecting the best critical illness insurance cover is not an easy job. There are various things to consider or re-consider at the time of buying a health insurance plan. Most of us tend to ignore some critical factors while purchasing a policy and thus end up making the wrong choices.
Read on to know about some common errors that one can avoid while buying a critical illness cover:
1. Not reading the fine print
Whenever you are buying a critical illness insurance policy, it is imperative that you are well aware of the critical illness insurance coverage. There may be specific terms and conditions imposed for getting coverage of a particular ailment. Also, there may be specific exclusions or waiting period clause imprinted. Do not miss to go through the fine print of the policy thoroughly. Before buying, understand what you are buying. It is essential to know every minute detail of the policy before buying.
2. Buying without understanding the benefit of insurance with critical illness cover
Before buying, it is necessary to understand the meaning and importance of critical illness insurance. This policy provides coverage for life-threatening diseases. The amount is paid as a lump sum amount. This amount can be used in the treatment, or a part of it can also be used in paying the mortgage, thereby leaving no burden on dependents. Critical illness insurance is complicated, and you should talk to a specialist before choosing a policy.
3. Getting insufficient coverage
The cost of the premium is the most crucial factor to be considered while buying a policy. However, it should not be the only factor. To save a few pennies, don’t end up purchasing a policy with insufficient coverage. The critical illness insurance plans are for life-threatening diseases. The cover provides financial protection during the treatment of critical illness, which is expensive. If you are under-insured, your policy may not prove useful at the time of need. Therefore, ensure that critical illness insurance worth it in the time of contingency.
4. Not considering a different insurer
Don’t just buy what comes first. Do thorough research and based upon your expectations, analyze various variants available. Clear all doubts and purchase the plan that fulfills your expectations. Never make hasty decisions.
5. Not sharing medical history
In some instances, if you have a pre-existing disease, the insurer may charge a high premium. To save money, people avoid sharing their medical history. Not sharing medical history may save your money at first, but it is considered as fraud. At the time of critical illness cover, your claim might be rejected based on non-disclosure of medical history. It is necessary that you provide information regarding the medical history of your family and all the pre-existing conditions so that there is no confusion at the time of obtaining cover.
The critical insurance policy is an essential part of your life and should be selected wisely. There are various plans available in the market that covers critical illnesses, including Aditya Birla Activ Secure, Max Bupa CritiCare, etc. You can contact us at Insurancedekho and check out the comprehensive list of critical illness plans and what critical illness insurance covers that in turn suits your pocket and can also help you safeguard your tomorrow against critical illnesses.
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