Your Questions Answered: How does critical illness insurance provide extra coverage during serious illness?
You are right to think of strengthening your insurance shield now, Priya. As retirement approaches, it becomes increasingly important to ensure comprehensive health coverage, including additional layers of protection to the basic plan.
Critical illness insurance is one such important supplement. Let us understand more about this plan before we add it to overall coverage.
Critical illness insurance is a specialised policy designed to provide a lumpsum or staggered payout upon the diagnosis of specific severe illnesses or medical conditions outlined in the policy. These conditions typically include diseases such as cancer, heart attack, stroke, organ transplant, and others. The policyholder is entitled to receive the benefit, regardless of the actual medical costs they incur. This payout can be used to cover medical treatment, rehabilitation, lifestyle adjustments, or any other financial requirement during recovery.
Carefully review the list of critical illnesses covered by each policy. Consider your family medical history, personal health condition, and lifestyle to determine which policy aligns best with potential health risks. Choose a policy that covers the illnesses most relevant to your situation.
Does it help to add critical illness insurance to enhance health coverage?
Yes, adding critical illness insurance to your health coverage is a prudent decision for several reasons.
Financial security: Critical illnesses often entail significant medical expenses, which can exhaust your savings. A lump-sum payout from critical illness insurance provides a financial cushion to manage these extra expenses without compromising your lifestyle or depleting your retirement savings.
Useful supplement to health insurance: While
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