When Do You Buy a Standalone Critical Illness Policy?

You do not have any life insurance or health insurance cover. Your family history and genetics indicate the likely diseases that you can be afflicted with (as in cancer, kidney failure, organ transplant). You anticipate that the likely disease will put a heavy financial burden on you. You anticipate that the likely disease will cost your employment (due to permanent disability) or livelihood and hence will need lifelong compensation. Opt for a policy that covers the maximum number of critical illnesses. It also makes sense to get a policy of longer tenure in order to get the advantage of longer coverage. Look for a policy cover with a sizeable sum assured, taking into account the cost of life-threatening illnesses. It is a good idea to take the policy at the earliest age of entry to get the benefits of comparatively cheap premium payment and early coverage. Lastly, read the ‘exclusions’ in the policy so that no error in judgement takes place.

Common Exclusions and Inclusions

Cardiac arrest Open-chest coronary artery bypass grafting (CABG) Replacement/Repair of heart valve Coma Kidney failure requiring dialysis Stroke Major organ transplant Permanent paralysis Motor neuron disease Multiple sclerosis