Who should opt for a critical illness cover?

healthcare Oct 28, 2019

I’m arvi, and I like to share thoughts on ‘all things insurance’. In this article, I want to tell you a little more about critical illness cover.

First off, what is a critical illness cover?

A normal health insurance policy will usually help you tide over the finances connected with just the hospitalization. But what if the disease keeps someone out of work for prolonged period of time - there is no provision in a regular health cover to compensate a person for other financial losses. Here is where a 'critical illness' cover really plays a role.

As the name suggests, a critical illness cover helps take care of finances when you are dealing with a critical illness like - heart attack, stroke, cancer, kidney failure, paralysis among others.

However, in times of critical illnesses, there are more medical expenses incurred over a longer period of time and the cover works in such a way that a lump-sum is given to the affected party at the time of diagnosis / illness.

So, should you opt for a cover?

If someone fall within any of the following categories; having a critical illness cover might be ideal for that person.

-Sole bread winner of your family
If you are the main earning member, your illness can affect the family’s way of living. However, by having a cover that caters to your immediate to short term medical expenses, the burden will reduce.

-Case history of serious illness in immediate family

A serious health complication in immediate family (cancer or heart ailments) is a strong signal for a person to be proactive in buying a 'critical illness' cover.

- People with a basic employer cover

Employers provide basic health insurance and benefits do no include payment for 'prolonged absence of work' and 'recovery expenses'. A critical illness cover is a good supplemental cover that provides employees with added security.

-Someone above 50 years
Once you reach 50, its a very wise choice to embed a critical illness addon to your regular insurance coverage. By including a critical cover policy, you will be covering all risks in a comprehensive manner.

Sushant Reddy

Sushant is a serial entrepreneur who is passionate about transforming senior heatlhcare in India