Home Finance 5 Misconceptions On Critical Illness Insurance

5 Misconceptions On Critical Illness Insurance

by admin

Critical illnesses insurance offers coverage for critical illnesses like cancer, kidney failure, and stroke. The coverage gets paid put as a lump sum amount when you make a claim. A critical illness insurance policy can prove to be a useful addition to your existing health insurance plan. Yet, many people do not buy this form of insurance as they are either not aware of it or are affected by many misconceptions about it. In this article, we will tackle 5 common misconceptions about critical illness insurance. Let’s get started –

  1. Misconception 1 – Critical illness insurance is only useful in old age

It is a common misconception that diseases like cancer or heart attack only affect people in their older years. These days, many people in their 20s and 30s too are getting impacted by critical illnesses. Thus, it is important to have this form of coverage no matter your age.

  1. Misconception 2 – You do not need critical illness insurance if you have health insurance

Health insurance policies offer indemnity based coverage which can either be claimed cashless or as reimbursement. This coverage can prove handy at helping your afford hospitalisation bills for an illness. On the other hand, your critical illness insurance plan is more like an income replacement. You can use the sum to pay for any extra charges that do not fit into your health insurance plan as well as for household expenses in case you lose your job during your illness.

  1. Misconception 3 – Critical illness insurance is very costly

This is another common misconception about critical illness insurance. Leading insurers have kept the premiums of their critical illness insurance plans quite affordable. When you consider the fact that you get a lump sum payout of the sum insured which can be used for any expense, the premium does seem affordable and even worth paying.

  1. Misconception 4 – Critical illness insurance plans are not available as riders

You can choose your critical illness coverage either as a standalone plan or simply add it as a rider to your existing health insurance plan. Do note, however, that there may be slight differences in the coverage, cost, and sum insured between the rider and standalone critical illness insurance plan. Make sure to get all the details from the insurer before picking the one that suits you the best.

  1. Misconception 5 – You do not require critical illness insurance if you have no family history of critical illnesses

These days, a majority of us live sedentary lifestyles. That has a negative impact on our health. As such, critical illnesses can affect anyone even if they have no family history of the disease. Thus, it makes sense to opt for critical illness insurance coverage irrespective of whether you have a family history of the condition or not.

We hope that this article has helped shed some light on the truth behind some major misconceptions on critical illness insurance. Keep your health insurance policy active and valid at all times. Take care!

You may also like