A sudden critical illness is anyone’s deadliest nightmare. In recent years, the health conditions of the human race have been in constant threat after the havoc the terrifying virus the covid 19 caused. Working-class families with low savings will face their true heartbreaks when they face a critical illness with no money to fulfill their bills. There have been numerous incidents where people died because they could not afford medical treatment in time. Critical illness insurance will be their knight in shining armor in such cases.
What is insurance?
We are all familiar with term insurance. We have come across that word tonnes of times in our lives. The policies are constantly advertised on a large scale. For a fair bit of explanation, insurance is sort of a financial aid in terms of need. Policy agencies ensure our security to provide monetary help when we need it. However, this is a “give and take” generation we are living in. There are certain terms and conditions applied for a smooth transaction. Nothing comes for free, and neither is insurance. The policy agency ensures us financial aid with a promissory note that the client will pay the agency a part of the amounts in installments.
Medical insurance:
Insurance provided for medical facilities is known as medical insurance. The policy assures us to pay our medical bills when claimed upon. Nevertheless, the specified conditions of the contract must be met to claim the insurance. There have been numerous cases where the claims have been rejected for not meeting the specific conditions of the creditors. The critical illness cover is generally claimed for diseases like cancer, heart diseases, sclerosis, renal failure, neural disorders, major surgeries, etc. however, heart attack, stroke, and cancer are the most common diseases used in claims.
Things to know:
Many people misunderstand critical illness insurance as life insurance. Nevertheless, both the insurances are as opposite as black and white. Critical illness cover provides us with a premium to help us pay our medical bills when in need of it, but life insurance on the other hand pays our premium to our assigned trustee or dependant in case of our sudden death. To register for critical insurance one may approach a policy agency of their choice and sign a contract with them. However, it is only fair that the public needs to be careful of fraud and scams. Keep in mind to always sign only with certified or recognized agencies.
