Key Reasons- Why Should One Buy Critical Illness Insurance Early?


Experts say, “it’s never too late to make a wise decision,” because the time you decide to take a good step towards your future, you win. Especially when it comes to planning for securing the most precious asset- your life- you make a brilliant choice. Amid today’s evolving modern era, health concerns are exponentially rising.

An unbalanced and stressful lifestyle continues to invite some dreadful diseases in our life.  Daily, millions of families are losing someone special from. That’s why if you are still delaying to buy a critical illness insurance policy, then undoubtedly, you are making a foolish mistake.

Here are some of the key reasons describing why you shouldn’t delay, instead end up purchasing critical illness insurance.

  1. Lower Premiums:

The exact figure of premiums is subjected to numerous factors, e.g., the age and disease of the policyholder. To simply put, if the policyholder’s age is only 20, the insurance company is more likely to offer them to pay a lower premium. At the same time, if the policyholder’s age is 40+, the company may offer them to pay a high premium.

However, the reason is obvious because people of a young age are less vulnerable to some of the life-threatening diseases than people aged between 40 and 60. Also, by the time of claim settlement, the policyholder who pays a premium for a long time may get the required coverage with ease.

  1. Covering Related Expenditure:

Even though doctors and science have earned incredible achievements in the medical industry over the past few years, still many times, the patient has to undergo advanced surgeries and treatment in a foreign country.

It’s no surprise that it cost them a lot, as for a common person bearing international expense is undoubtedly an impossible task. Throughout this process, one may require to arrange accommodation and travel facilities that add further expenses. Butcritical illness insurance plans cover these miscellaneous expenses.

Still, only a few health insurance companies offer such types of additional services to their policyholders. Yet as soon as you find such offerings in a policy plan, you should grab it. The earlier you purchase the plan, more benefits you will enjoy at the later stages of life, including low premiums, among other things.

  1. Initiates Lump Sum Amount for Treatment:

The expense of the treatment of critical diseases sometimes exceeds the expectations of one. However, this problem has become usual because the treatment of cancerous diseases or emergency surgeries is still supposed to be extremely costly. Doctors may ask you to submit a big amount for operations or diagnosis.

At such events, only ‘critical illness insurance’ types of plans appear to be the last resort for the solution. But make sure that if you’ve recently purchased the policy, expect zero support.

Most insurance companies offer you such types of policies with 90 days waiting periods. It indicates that you won’t get any support from the insurer before 90 days if you undergo a serious problem. That’s why as soon as you get the idea of purchasing a policy, go for it.

  1. Less Burden on Family:

Unfortunately, you get in touch with a serious disease and don’t want your family to sacrifice their dreams to provide you with the best treatment. Buying a critical illness insurance plan helps in such instances.

Families are ruined. Housewives start some work for a living, and kids have to search for a job before becoming mature, leaving their education. But if you are already well-prepared about your future plans, then not just your own life but you will be saving your family’s life as well.

Ensure as soon as you become more concerned about your future, family and health, you have a health insurance policy.

How many illnesses are covered in critical illness insurance Plans?

The most common illnesses that are covered in critical illness insurance plans may include-

  • Cancer
  • Primary Pulmonary Arterial Hypertension
  • End-Stage Kidney Failure
  • Multiple Sclerosis
  • Major Organ Transplant
  • Aorta Graft Surgery
  • Coronary artery bypass grafts (with surgery to divide the breastbone)
  • Heart Valve Surgery
  • Myocardial Infarction (First Heart Attack)
  • Coma
  • Stroke
  • Total Blindness
  • Paralysis

Note: The acute diseases covered in critical illness insuranceare subjected to the terms and conditions of the respective insurance company. Not all insurers cover the same kind of life-threatening disorder.

Inclusions and Exclusions

It is also essential to note down that not all diseases are covered in the critical illness insurance plan. Even though how life-threatening they are, the company doesn’t provide you with any coverage on such diseases.

The above stated critical diseases or conditions are mostly included in the list. But the further critical health issues aren’t included. Such as-

  • HIV
  • Dental issues
  • Infertility treatments
  • Existing medical conditions
  • Hormone treatments, etc.

These health conditions are never included in any health insurance plan nor in a critical illness insurance plan. Make sure you aren’t wasting your money on policies if you are already undergoing similar medical conditions.

Choosing the Best Policy

Ultimately, now you can make a wise decision before time. Critical health insurance policy is genuinely a helpful plan that assists you a lot in your bad times. Still, there are some basic points that one should surely consider before choosing the best plan.

  • Get comprehensive details about sum-assured.
  • Try to search for the maximum coverage.
  • Look for the lowest premium that you can afford.
  • Check all the exclusion; else, you will be only wasting your money.
  • The waiting period should not be more than 90 days.
  • Check the additional offering, e.g., room and travel expensesshould be covered.
  • Check the maximum age of renewal.

Keeping all these things in mind when selecting the best policy plan is always worth it. After all, purchasing a policy itself is a kind of investment that is directly meant to secure the future. Anyone can purchase the critical illness insurance, but only those will be the smartest people who make an early decision.