Let me do a quick check before you start reading this article. Have you purchased health insurance or has your employer covered you? If your answer is no, then you should close this article and instead start assessing options to purchase health insurance (see my article here https://rorywealth.blogspot.com/2020/04/at-this-time-you-are-in-one-of-these.html). This is because a regular health insurance must be availed as one of the first steps in your financial journey. For a small annual payment, you can cover yourself from financial expenses related to health issues, whether it is minor or major.
If you already have health insurance cover then you know what I’m talking about. Now you must consider purchasing critical illness insurance. It is categorized under health insurance but it has benefits that are different from a regular health insurance policy. To understand this better, I’ve done a comparison on key points in the table below
To summarise, treatment of a critical illness can be very expensive and a regular health insurance policy may not cover it adequately. A critical illness insurance will provide a lump-sum benefit which can be used to manage unexpectedly higher medical expenses or take care of your livelihood in such difficult times. Like health insurance, it is better to purchase it at an early age and keep it going (as people tend to develop health problems as age increases)
I hope this article helped clear any misconceptions about critical illness insurance. If you have any queries or want me to assess your existing policies, drop a message to mathewpravin@yahoo.com / +91 9900335853 and I’ll be happy to help.
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