Most of us, by now, realize that a basic health insurance policy is a must-have. It will help us take on our medical expenses and needs head-on. However, if you consider the rise of life-threatening and lifestyle-disabling diseases, you will realize that only a health insurance policy is not enough. Treating a critical illness can further add to financial strain in your monthly expenses. This is where you need a critical illness policy the most.

A critical illness insurance policy acts as a financial cushion that helps you tide over medical exigencies that incur while treating a critical illness. The amount paid enables you to take care of hefty medical bills as well as the daily expenses. All in all, you can say that critical illness policy makes sure you do not have to borrow money from anyone in times of a medical emergency.

A basic health insurance policy reimburses the hospitalization costs whereas a critical illness policy gives you a tax-free lump-sum cash disbursal in the event when you are diagnosed with a life-threatening disease or medical condition during the term of the plan. You need not collect all the hospitalization bills to get the amount reimbursed. With the finances at your disposal, you and your loved ones can focus on your treatment better without having to worry about your monthly expenses.

One of the best features of this cost-effective and convenient cover is that there is only a waiting of 30 days unlike 60-90 days for health insurance policies. Moreover, according to new laws, a critical illness plan is renewable for life, but once you make a claim and use the full sum assured, the policy stands terminated. Also, you must keep in mind that critical illness plans don’t cover pre-existing ailments.

Most of the critical illness policies cover at least 10 life-threatening and lifestyle-disabling diseases. Here is the list of ailments that are covered under the policy.

1. Cancer

2. Major Organ Transplant

3. Multiple Sclerosis

4. Third Degree Burns

5. Aorta Graft Surgery

6. Heart Valve Replacement or repair

7. Coma of Specified Severity​​

8. Coma Quadriplegia

9. Total Blindness

10. End Stage Renal Disease requiring regular dialysis

The below mentioned categories of people stand to benefit most from critical illness insurance.

1.Breadwinners

The only person earning in the family has a paramount importance. If something happens to him/her, the family has to go to severe financial crisis that can turn out to be very unpleasant. Primary breadwinner are the perfect candidates who should consider buying critical illness policy, specially if they have a history.

2.People above the age of 40 years

People who are above the age of 40 years are more exposed towards critical illness. Due to declining immunity and stressful work environment it is likely that older people fall prey to this untoward health condition. All the more, it is seen that one is in a better financial condition to buy such policy.

3.People with a history of critical illness in their family

If critical illnesses run in your family, then you are susceptible to develop them with time. It is better to take precaution and buy a critical illness policy to avoid facing such unlikely situation.

Now that you have read enough about critical illness, it’s time to select the one that suits you the best.