What is Critical Illness Insurance? Should I Buy It?

 


A critical illness Woodstock insurance offers coverage against life-threatening diseases such as renal failure, cancer, liver transplant, etc. The compensation is provided in a lump sum upon diagnosis of a critical illness that is covered under the health plan.  This lump sum amount can be used to pay for expenses incurred on the medical treatment. In most cases, there is a survival period of 30 days and the claim is settled on completion of the survival period.


Advantages of  buying Critical Illness Insurance in Woodstock


Payment in a Lump sum– The insurer pays the full sum insured in lump sum regardless of your hospitalization cost. You can use this to pay off the cost treatment cost, pay off any debt and recuperation expenses


Easy Claim Process– Hospitalization is not essential and the claim can be processed based on the diagnosis reports ( in most cases)


Lesser Waiting Period– The waiting period is usually up to 3 months ( in most cases)

Avail Tax Benefits– Critical illness plans offer tax benefits under Section 80D along with medical insurance . 


The benefit of lifetime renewability helps in reducing the risk of financial burden in case of an emergency.



Should You Buy a Critical Illness Policy in Woodstock?

The Need for Critical Illness Woodstock arises with medical inflation and steady rise in the number of people getting diagnosed with life-threatening health conditions in Kitchener. While the chance of people developing critical illness is increasing, the age at which people develop it is constantly decreasing. Even people in their 20s and 30s are getting diagnosed with such critical diseases. Today a breast cancer surgery can cost anywhere between Rs. 14 and 16 lacs. And a liver transplant can range easily from Rs. 25 to 36 lacs. Looking at these figures; a critical illness cover becomes essential. Therefore, there is no set standard to buy a critical illness policy in Kitchener. However, certain circumstances make it essential for you to consider buying a critical illness policy in Kitchener. 


If You Have a Family History of Critical Illnesses 


 Mostly, the reason for critical illnesses is genetic. For instance, the risk of cancer is higher, if you have a family history of the disease. As a proactive measure, you should get a critical illness insurance policy in Kitchener to enjoy a secured future and avail the best possible treatment. If you already know your family’s medical history, you should definitely consider buying a critical illness plan.

If You Are the Sole Breadwinner of the Family


 If you are the only earning member in the family, it is imperative to secure the entire family with a critical illness insurance policy Kitchener. It is required if you do not want your loved ones to go through emotional turmoil or financial distress post-diagnosis of a critical illness. Moreover, a critical illness policy Kitchener also recompenses for loss in income along with the treatment cost.

Should You Buy a Standalone or Rider Plan?

Insurance companies provide critical illness insurance as a standalone cover or as a rider cover. The features of rider are similar to a standalone policy but it comes at a lower cost and covers only a limited number of illnesses because the sum assured ranges from 50 to 100 percent of the base policy. Therefore, if you are not looking for an affordable option, opting for a separate critical illness Insurance Policy In Kitchener will be a viable option, as it offers extensive coverage. However, if your budget is limited, you can go for a rider plan.


Bottom line - Buying critical illness insurance in Woodstock


The fast-paced lifestyle is the leading cause of increasing critical illnesses. Therefore, it is important to have the best critical illness insurance policy to stay protected against various critical illnesses. Firstly, opt for a standard health insurance policy and then opt for a critical illness Woodstock policy for additional benefits. Having a critical illness cover can go a long way in ensuring you and your family get the best medical treatment possible without you exhausting all your life savings if diagnosed with critical illness.

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