Medical emergencies often come unannounced. And, while the latest advancements in science and medicine ensure we get top-notch health care, the costs can weight heavy. To avoid burning a hole in your savings, it is crucial that you take out adequate health insurance.
Along with a basic health insurance plan, it is also important to opt for critical illness cover. Critical illness goes beyond health insurance by not just paying for hospitalization and out-patient treatment, but also offering a lump-sum payout that can be used to meet your financial obligations. Critical illness cover is an important financial product needed to cover your whole family. Let’s take a look at the key reasons why you need critical illness insurance for yourself and your loved ones.
- Supports the family if the breadwinner falls ill
If the breadwinner of your family is suddenly diagnosed with a critical illness, the medical expenses will run high. What is even more important to realize is that during the period of treatment and recovery, they may need to take a few months off from work. This might put a heavy burden on the family savings as an active income might stop temporarily. And, the recovery time for a critical illness can last anywhere between a few months to a couple of years. During this phase, the payout received from a critical illness plan can truly help tide over the tough times. You can use these funds to pay for a range of financial commitments including your children’s school fees, house repairs, monthly EMIs, and domestic help salary, among other expenses.
- Allows for time off work if a child is critically ill
Childhood is associated with health and vitality. Yet, in certain unfortunate circumstances, children too may get diagnosed with critical illnesses. This is when a family critical illness cover will truly prove its worth. If your child is unfortunately diagnosed with a critical illness, the payout can be used for getting them the best treatment and after care. You can even use the cover to consider traveling for better health facilities to another city or country. Finally, as a parent, you may need to take time off work to care for your child. A critical illness payout lets you take this time off work while ensuring you have the funds needed for your daily expenses.
- Helps in case of a family history of critical illness
For some, certain critical illnesses tend to run in the family. This is particularly true in the case of a disease like cancer. Even so, one may not be able to accurately predict which family member may develop the illness. In such a situation, taking critical illness cover for all immediate family members makes sense. This plan should ideally cover the spouses, their parents, and children.
Critical illness insurance is a vital ingredient for your financial well-being. Apart from the above-listed reasons, you can also use your policy to claim tax benefits. Research well and choose the critical illness policy best suited to your needs. Do remember to also keep your regular health insurance plan active for added coverage. All the best.