10 Considerations At The Time Of Choosing A Critical Illness Insurance
Are you planning to apply for critical illness insurance? Very nice! It is a vital requirement today. Without it, your survival will be a big challenge. Before that, it is essential to know what critical illness is.
What Critical Illness is All About?
Critical illness is a very serious medical condition that may result in incapacitating effects on the usual lifestyle. Also, you may end-up be spending a lump sum amount of money on treating the illness. Also, it may affect your regular income disastrously.
Stressful lifestyle, along with unhealthy food habits, results in the rise of people suffering from critical illness. To overcome such an unexpected scenario smoothly, having the critical illness insurance will be a great idea.
What is the Value of Having Critical Illness Insurance?
With insurance in your hands, you will receive a good amount of payout if you are diagnosed with a disease covered under the policy. Some of the most common critical illnesses covered under critical illness policy include:
- Kidney failure
- Cardiac arrest
- Liver disease
The money may be utilized for meeting all treatment expenses. It will help a lot in reducing the financial burden at the time of your treatment.
10 Considerations at the Time of Choosing Critical Illness Insurance Plan
Many insurance companies in Singapore offer critical illness insurance plans. You may go online to compare policies and choose the one that suits all your needs. Simultaneously, some important considerations will help in making the right choice.
Below are ten important factors that you must consider when choosing a critical illness insurance plan:
- Inclusions and exclusions involved – The moment you start searching for a suitable critical illness insurance plan, you will be surrounded by a plethora of choices. Every plan comprises of its inclusion and exclusion.
Hence, before making a particular decision, it is essential to go through details minutely. Special emphasis must be given to the types of illnesses covered. Only then will your plan benefit you manifold.
- Having a proper understanding of medical terms – It may not always be possible for a common man to understand complex medical terms. Without a proper understanding of the same, investing in an insurance plan will be risky.
Thus, it will be a good idea to take help from an expert. You may approach your family physician to get a crystal clear idea about terms along with conditions mentioned in the insurance document.
- Pre-existing conditions covered – Before selecting and investing in an illness insurance plan, it is necessary to know if pre-existing medical conditions are covered in the waiting period. Having a check on medical conditions excluded from the plan will secure you from all hassles.
It is better to go with those insurance terms that cover pre-existing conditions. Though the initial investment may be a bit high, it will benefit you manifold in emergency medical cases.
- Sub-limits levied – Often, insurance companies levy sub-limits against various medical cases. As an insurer, you need to pay this amount of money if you are diagnosed with specific medical conditions. Those conditions must be mentioned in the list of your insurance plan.
It is a known fact that medical treatment requires a hefty amount of money. With an insurance plan, you will be able to reduce the burden at the most. The sum that is assured will help a lot in reducing the sub-limit amount of money.
- Premium amount to pay – Everybody likes having a lucrative premium insurance plan in hand. But at the same time, you must be in a favorable position to pay the premium regularly.
Before choosing a premium insurance policy, you must not refrain from understanding your requirements and health conditions. It will help in making an accurate choice. As you grow older, your premium amount will also start mushrooming. Hence, it is recommended to choose the plan wisely.
- Whether long-time renewal is offered or not – When looking for critical illness insurance coverage, it is vital to go with the policy that offers life-long renewal. It will give you confidence and reliance that it will be easy to tactfully manage all critical situations.
Also, it will ensure that you have the coverage to manage all your medical expenses. As you grow older, the probability of suffering from serious conditions will increase.
- Claim settlement ration associated – Going with a critical illness insurance policy plan with an appreciable settlement ratio will ensure peace of mind. It will prevent you from the stress of managing all your expenses in case of illness.
Also, it will increase your possibility of settling your claim if required. Emergency medical conditions may arise at any time without any prior notice.
- The clause regarding the period of survival – Numerous insurance policies are inclusive of a clause that speaks about the period of survival. As per the clause, it is mandatory to survive for a specific period post-diagnosis for enjoying the benefits of the policy.
As the survival period varies in terms of diseases, having a crystal clear concept about the same will be helpful.
- Inclusion of critical rider – Getting a critical illness insurance policy and a rider will ensure high benefits. It will cover both against illnesses and will pay a good amount in case the candidate passes away.
If you want to go with a cheaper option, then you may go with it too. But it will not have facilities similar to the former ones. Confirming the same will prevent any type of misconception.
- Hospital costs covered – It is better to confirm if the critical illness insurance policy plan covers expenses before and after hospitalization. Otherwise, having a vague outlook may result in lots of suffering in actual time.
If any point is not clear, then better clarify the same at HL Assurance Singapore. The company has gained a good reputation for serving people in and around Singapore for long.