When Do You Buy a Stan­dalone Crit­i­cal Ill­ness Pol­icy?

Consumer Voice - - Bfsi -

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

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