Last Updated on November 17, 2023 by Hina Rubab
Medical emergencies often come unannounced. And, while the latest advancements in science and medicine ensure we get top-notch health care, the costs can weigh heavy. To avoid burning a hole in your savings, you must take out adequate health insurance. Along with a basic health insurance plan, it is also essential to opt for critical illness coverage. 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 coverage is an essential financial product needed to cover your whole family. Let’s look at the key reasons you need critical illness insurance for yourself and your loved ones.
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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 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 an illness can last anywhere between a few months to a few years. During this phase, the payout received from a critical illness plan can genuinely help tide over the tough times. You can use these funds to pay for various 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 critical family illness cover will genuinely 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 aftercare. You can even use the cover to consider traveling to another city or country for better health facilities. Finally, as a parent, you may need to take time off work to care for your child. An 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 accurately predict which family member may develop the illness. Taking illness cover for all immediate family members makes sense in such a situation. 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. Remember to keep your regular health insurance plan active for added coverage. All the best.
A Quick Overview
Critical illness insurance provides a lump-sum payment to the policyholder if diagnosed with a severe medical condition, such as cancer, heart attack, or stroke. This type of insurance is essential for your whole family because it provides financial security during a difficult time.
A family member’s diagnosis of a critical illness can cause a significant financial strain on the family. Medical bills, treatment, and other related expenses can quickly add up, leaving the family struggling to make ends meet. Critical illness insurance can help alleviate this burden by providing a lump-sum payment that can be used to cover these expenses.
Critical illness insurance can also provide peace of mind to the family members caring for the sick individual. Knowing that a financial safety net is in place can help reduce stress and allow the family to focus on providing the necessary care and support for their loved one.
Furthermore, critical illness insurance can also be an essential investment for young families. While it may be challenging to think about the possibility of a severe medical condition at a young age, the reality is that these conditions can happen to anyone at any time. Investing in critical illness insurance early on can provide financial security and peace of mind for years.
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