Critical illness covers are surrounded by disputes, and people usually exercise caution before choosing one. However, in reality, critical illness policies are one of the most needed and crucial covers to purchase. These policies support you and protect at the event of diagnosis of a life-threatening disease.
Given that factors like changing lifestyle, stressful work environment, rising living expenses and pressure of maintaining status quo affect today’s generation much more than previous ones, critical illnesses do not have any age bar anymore. Let’s take a look at some of the myths and facts related to critical illness insurances and why all should opt for such covers despite their age.
Let’s debunk the myths and understand the facts.
Disability and critical illness
It is a widespread belief that a disability is one of the critical illnesses. It is not. There are different policies that recognise and assure cover for disabilities, and both have different payment patterns. Before you sign up for critical illness insurance, it is important to check the illnesses or disabilities covered under that. Some of the critical illnesses are cancer, immunological diseases, and so on, and these are entirely different from any physical disability.
Life insurance and critical illness insurance
It is a myth that one has to also get life insurance upon getting diagnosed with critical illness due to low chances of survival. The fact is that if the critical illness policy covers the person’s needs sufficiently, he or she doesn’t need life insurance. However, when we compare cancer and heart attack as critical illnesses, the chances of recovery and survival are more for heart attack. Depending on the situation in each person’s life, decisions need to be altered.
Covering cancer types
It is a myth that critical illness insurance covers all types of cancers. It does not. While cancers like kidney cancer, breast cancer, liver cancer, and so on, are covered, skin cancer and early-stage prostate cancer are excluded. It is the responsibility of the person signing up for the insurance to check, verify and confirm with the agency that he/she gets the cover for his/her requirement.
Depending on the policy one has opted for, claim settlement may take time. Some claims provide immediate settlement, i.e. upon diagnosis, while some after the treatment. It all depends on the policy.
There are many other myths and facts associated with critical illness insurances. Let Kapil help you sort out confusions and help you get the right and the best critical illness cover – one that covers all your needs.