Pros of Buying Critical Illness Insurance Cover at an Early Age

As an individual in your early 30s or late 20s, you might think that you have sufficient time before you need to start worrying about your health. But that may not be the reality. A medical emergency may arise at the most unexpected of times, and at these times, not having adequate protection can be detrimental. The preparedness in these situations should not only be in terms of medical coverage but also in being financially equipped to tackle them. A health insurance policy is what helps achieve adequate financial protection to deal with such situations. In the present day and age, mounting stress and other lifestyle situations have made health insurance not just an option, but a necessity, even more so, in the case of a critical illness, that at most times, can lead to fatal consequences. Thus, one must not overlook a critical illness plan when buying health insurance in India.

Relation of Changing Lifestyle and Critical Ailments

With a drastic change in lifestyles as compared to earlier generations, the kind of lifestyle ailments affecting individuals is also becoming more severe. The illnesses earlier caused by malnutrition and poor sanitation are now replaced with stroke, cancer, kidney failure, and more. These ailments are caused by a host of different conditions like hypertension, diabetes, obesity, stress, and poor dietary habits and sleeping patterns. The treatment of these critical illnesses comes with costs that are sky high and may burn a hole in your bank account. In some cases, it can even dry up your life savings. Thus, a critical illness policy helps to avoid a financial setback in times when medical treatment is the highest priority. Now that it is clear how important a critical illness plan is in present times, let’s look at some of the benefits of buying it early in life.

1. No need for a medical check-up

A critical illness insurance plan bought before 45 years of age does not require a medical check-up. Further, this helps avail instant coverage without undergoing any hassle. In addition, some insurance companies allow critical illness plans to be renewed for a lifetime too. Using a critical illness cover, you can avail coverage against some of the life-threatening illnesses like heart attacks, renal failure, cancers of varying intensity, and even illnesses that might require an organ transplant. *

2. Pocket-friendly premiums

Insurance premiums are based on a variety of factors, one of which is the policyholder’s age. The earlier you purchase a critical illness plan, there is a lower probability of these ailments affecting you. Hence, the premiums are priced accordingly, making them affordable. On the contrary, elderly individuals naturally pose a higher chance of contracting critical illnesses due to lifestyle and other living situations. Hence, the premiums charged are higher. *

3. Lumpsum payment

The treatment of critical illnesses can have a significant impact on your savings and opting for a critical illness plan provides a lumpsum payout. Such a payment is made on the basis of the diagnosis of the ailment as specified in the policy terms. Not only does it help to tackle the steep treatment costs but also ensures financial coverage for loss of income during the time under treatment. In addition, the lumpsum pay-out can be used to even support the cost of medicines during and after the treatment. *

4. No worries about waiting periods

Every critical illness insurance specifies a waiting duration which you need to complete before the insurance company makes a lumpsum pay-out. So, when you avail of a critical illness plan early in life, you most certainly must have completed the necessary waiting period, which may be from 24 months to 48 months as mentioned in the policy document. * Standard T&C Apply

Conclusion

While a critical illness in your family can leave a dent in your financial plans, using a critical illness insurance cover helps you avoid financial stress in these situations. So, when selecting a policy, make sure to compare health insurance covers before deciding on one. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.