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​Critical illness is a life-threatening condition that needs prolonged medical treatment. Some of the most common critical illnesses are- heart disease, cancer, kidney or liver failure, etc. These diseases not only takes a toll on the patient's health but even burn a huge hole in his/her savings. The treatment involved in these diseases are generally expensive and can put a person in financial distress. Therefore, it is advisable to buy critical illness insurance to keep yourself financially prepare against these lifestyle disabling diseases.

Most of us think that investing in a critical illness policy is not necessary. However, this notion is wrong. It is imperative to have a critical illness insurance policy as it can help you manage the exuberant expenses of medication and treatment of these diseases.

There are several myths and facts about critical illness insurance that you should know before buying the policy. Let's have a look-

I am too young for a critical illness policy

Critical illness is not related to age and can occur at any age. Due to rapid change in lifestyle, unhealthy food habits, and increased stress at work, several youngsters are being diagnosed with a critical illness.

Health Insurance and critical illness plan is the same

A health insurance policy is different from a critical illness insurance plan. The critical illness insurance policy offers a lump sum payout when you are diagnosed with critical ailments like heart attack, cancer, kidney failure, paralysis, etc. Health insurance policy, on the other hand, covers hospitalization expenditure when you fall ill and get admitted to the hospital for more than 24 hours.

Critical illness covers all critical illnesses

When you buy a critical illness policy, read the document policy thoroughly to find out all the coverages and conditions that are covered under the policy. Only and only the diseases mentioned in the policy document is included. The illnesses covered differ from insurer to insurer.

If the policy covers cancer, all types of cancer are covered

All diseases and the condition in which they are included is clearly explained in the policy document. Hence, you should go through the policy document carefully. Different type of cancer may need separate coverage.

Immediate coverage when diagnosed with critical illness

The claim settlement time and speed depend on the insurer you have opted for. You should check the claim settlement ratio (CSR) of the insurance provider you are going for.

I can't buy a critical illness plan in case of a pre-existing medical condition

You can still get a critical illness plan even if you have a pre-existing medical condition. There's a pre-medical screening you have to go through. If you are diagnosed with a critical illness at the time of pre-medical testing, you might have to pay a high premium. But that doesn't stop you from buying a critical illness plan.

Critical illness plans generally have high premiums

Not every critical illness insurance policy is expensive. It is advisable to spend some time comparing plans and select the one that suits your needs the best. In case you want a policy that covers the later stages of the illnesses, then you might have to shell out a significant amount. Otherwise, if your pocket doesn't allow, you can even go for a critical illness add-on cover.

If you have a history of any critical illness in your family, you should definitely go for a critical illness insurance policy. Do a thorough research and buy the policy online. Thoroughly check the terms and conditions mentioned to clear all your dou​bts and purchase the plan that fulfills your requirement.