Many people experience extreme panic at the mere mention of a severe illness. It is impossible to fully express a serious illness’s impact on the human body. Your body suffers terribly, as does your pocketbook. If you don’t have a strong investment strategy, it can cause you to experience financial trouble. This is why purchasing a solid critical illness policy is crucial.
Many people are misinformed about critical illness insurance policies. This is because of the fact that they fail to read the plan’s fine print and hence draw incorrect conclusions. It is crucial to read the small print since it clarifies what the plan covers and what it does not. Your claim may be rejected due to myths and presumptions.
What is worse than not having crucial insurance? It is your claim being denied. Even if you spent a lot purchasing the plan, the cost of the medical treatment when your claim is denied could wipe out your savings all at once.
Myths about a Critical Illness Policy
Here are the top 5 myths people have about a critical illness policy:
Myth: Critical illness insurance includes disability coverage
Fact: The goal of disability insurance is to compensate for income lost due to a disability. However, critical illness insurance provides a lump sum payment in the event that the insured is found to have a serious illness, such as cancer, an immune disorder, etc. The fact that the insured is completely free to choose how to use this money is an advantage. An insured person can pay for medical care and help support their family in part with the proceeds.
Myth: Due to the low chance of survival, you will still need to purchase life insurance after purchasing a critical illness plan
Fact: If an individual is diagnosed with cancer, he will have a life expectancy of at least five years. More than 90% of heart attack victims survive and make a full recovery. Therefore, you won’t likely need life insurance if you purchase appropriate insurance coverage.
Myth: you’ll get the money right away if you are diagnosed with a serious illness
Fact: The insurance company you choose will determine how quickly your claim is settled when you file it. The insurer’s Claim Settlement Ratio should also be considered prior to purchasing the policy.
Myth: you can’t purchase critical illness insurance if you have pre-existing medical conditions
Fact: The size of the best critical illness insurance varies. You must undergo a medical test to enrol in some plans. Some people do not need to undergo medical screening. You may have to pay a larger insurance deductible if you have a pre-existing ailment. Even though you’ll have to pay more out of pocket, it will be totally worthwhile when the time comes.
Myth: The cost of all critical illness insurance coverage is higher
Fact: Not all life insurance policies are exorbitantly expensive. Always compare several health insurance plans before pulling out the wallet so that you may choose the greatest insurance option. You will need to spend more premium for better coverage if you want to select a plan that covers the later stages of a critical disease.
Always be sure to eliminate any preconceived notions you may have about the policy’s coverage in order to avoid blind spots. Insurance experts advise purchasing critical illness insurance policy coverage if serious sickness is inherited. Don’t just purchase the first plan you come across, though. Analyze your insurance expectations first, then contrast all of the insurance plans that catch your eye. Finally, decide on a plan that meets all of your insurance needs.
Never be reluctant to purchase critical illness insurance. Despite the possibility of a higher-than-average premium, the advantages are entirely worthwhile. Niva Bupa has the most promising critical illness policy, which can match your need and requirement.