Critical illness insurance – its role in your life

Life is unpredictable and one must be prepared to face it.  Good moments in life are always accompanied by the difficult ones.  One enjoys the good times and does not think about any unforeseen circumstances that are likely to happen and hence there are times when one is unprepared to face life.

The biggest uncertainty in a person’s life is health and the toughest times are those when you or any of your family members is suffering from a critical illness.  A family with no insurance or a limited insurance which is also just not enough to pay off the bills is subjected to most critical risks during these times.  In such cases it is every penny going out of your home without any help coming in!  This justifies the reason why a Critical Illness Insurance is a must have at every home.

But what prevents us from going for a critical health insurance?  One would simply be the fact that there is a clear lack of understanding amongst the people about what a critical illness such bacterial meningitis, brain tumor or a leukemia may be.  And secondly, even when one hears or reads about it, these are actually not matters which we want to give time to think or acquire information about.

As a rule, it is necessary for every family to have themselves covered under health insurance.  Now that seems to be the simple one.  However is critical illness insurance a simple one too?  The answer is NO.  For finding the right critical illness insurance cover one needs to invest loads of time and do complete research.  The basic reason behind this is the fact that finally the insurance company is going to pay the insured a lump sum tax free amount immediately after any such critical illness is identified.

Critical illness insurance – is it a waste for money?

Yes, critical illness insurance is more costly than a life insurance, but here one must understand that the cover it provides is for a bigger risk.  A person is much more likely to have a critical illness prior to the retirement age.  In fact the average for claim is forty seven.

However there may be times when the insurance provider company rejects your claim at the last moment on some clear technical grounds.  This type of cases give the presumption that insurance companies are not worthy of trust.  On one hand, a situation like this provides a base for numerous stories of rejection, agony & trouble, but on the other it certainly is not a strong foothold to accuse the insurance company of being indifferent.

There are various reasons for a claim being rejected.  Like for example, when the policyholder claims for an illness that is not covered under his insurance plan.  Although harsh, but the fact remains that an illness which is not listed in your insurance plan will not be paid for.  Hence it is necessary to go to various insurance companies and opt for the one that provides benefit for maximum number of illnesses.

Also, it is essential to disclose all the information to the insurance company in a detailed manner.  If at all you fail to divulge any vital information related to the questions by the company on the insurance form, like for example if you are undergoing treatment for headache, there will be total wrong assessment on part of the company.  However a proper and open communication between you and your insurance providing company can help to have a healthy benefit during those times of need.

Seeking guidance from a professional critical illness insurance adviser will do the trick.  Keep yourself open for suggestions and evaluate the various available policies in the market to choose the one best suited to your needs.  After you are done with all this, go back to the most important thing – LIFE- and start enjoying it with the hope that you and your family be lucky enough to never have the need to claim your insurance.

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