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Busting Top Seven Myths about Critical Illness Policies

Critical illnesses like kidney failure, cancer, heart diseases, and so on are life-threatening conditions that require long-term medical attention. Diseases like these not only take a toll on an individual’s health but also on their savings. Instead of facing the financial distress of expensive medical treatments, it’s better to purchase a critical illness policy before it is too late.

Now, even though most people have a general idea about what critical illness medical insurance entails, there’s still a lot of misconceptions about its different aspects. Keeping that in mind, here’s busting the top seven myths about critical illness policies to help you make the right decision.

Myth 1: A Critical Illness Policy Offers Coverage For All Critical Illnesses

This is one of the biggest misconceptions that one can ever have about a critical illness policy. A critical illness policy covers only the illnesses that find their mention in the insurance plan. Thus, it’s important to be careful while checking out the fine print of a critical insurance policy. Make sure the policy you are considering has enough number of critical illnesses covered.

Myth 2:  The Insured Definitely Gets The Claim Amount For A Listed Critical Illness

Every critical illness comes with a precise definition. If the condition of the insured does not fit that particular definition, their claim might get rejected. It is crucial to read the fine print and be mindful of such critical details.

Myth 3: Critical Illness Policy Offers Insurance Coverage For Disability

You need disability coverage to get adequate compensation for the income lost due to disability. Conversely, a critical illness policy provides a lump sum amount as payment if the insured gets diagnosed with critical illnesses, like immunological disorders, cancer, and so on.

A major advantage here is that it gives full liberty to the insured to decide on how they want to use the amount. They can choose to pay for their treatment or keep aside a portion of the amount to look after their family.

Myth 4: If The Critical Illness Policy Covers Cancer, It Means All Kinds Of Cancer

To be honest, this is true in some cases but not all. The insured needs to have a clear idea about the kind of coverage provided by their chosen critical illness insurance policy. Each cancer type is considerably different and needs different coverage. This is also the reason why insurance premiums are not the same in every plan.

Myth 5: Pre-Existing Conditions Means You Can’t Purchase A Critical Illness Policy

There are all kinds of critical illness policies in the market. You need to go through a medical screening for some policies, while others don’t ask for any medical screening.

Even if there is no medical screening, you should be honest about your existing medical conditions. After all, you can purchase a critical illness policy even with an existing condition. But you will need to pay a higher premium in that case. Though you will have to pay extra bucks from your pocket, it’s still worth it in times of need.

Myth 6: All Critical Illness Policies Have A Higher Insurance Premium

It would be wrong to assume that just about any critical illness plan will cost a fortune. If you want the best rates, you should compare different plans before choosing one for yourself. If you’re planning to purchase a policy that can cover the advanced stages of critical illness, you’ll need to pay higher premiums for better coverage.

Signing off

All the facts discussed above must have given you a clear idea about what it means to get a critical illness plan. You can now make a much more informed decision about the kind of health insurance plan that you need to opt for. So, go ahead and start looking at your options now.