Before we answer the question as to why we require a critical illness insurance policy cover, why don’t first find out what exactly is critical sickness insurance. It is a policy that helps the insured in affording the medical therapy for a life threatening disease.
Healthcare advancements have achieved great breakthrough, and today we can proudly say that we have conquered many dreaded diseases by finding out their treatments. But , on the other hand, the cost of getting treated has also increased astronomically. People at times do not endure diseases just because they are unable to tolerate the cost of the treatment. The critical disease policy comes to the aid of the person whenever he requires it the most.
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Unlike other medical insurance and other policies that will pay a person after an unpleasant incident has occurred, the critical sickness policy provides financial support to the insured. The best part is that the insured is paid a lump sum on being diagnosed with a serious ailment, so that he could be in a position to afford the expensive medical treatment and may successfully recover with the post medical medication and care. The massive medical bills become seemingly easy to tackle, and the insured does not have to drill down deep into his savings and other financial resources.
The critical illness policy is very flexible in terms of the payments. The particular payments are unrestricted, and the covered can put the money to any use. He may use the lump sum amount either fully or partially towards their treatment and subsequent rehabilitation.
The only catch in this policy is that the person covered under the critical illness plan has to survive a 30 day period, called the ‘survival period’ in order to declare the insurance money. In case the covered does not survive the 30 day time period, his beneficiaries will still be entitled to his life insurance policy.