Critical illness policy

What does critical illness insurance cover? What is critical illness insurance and do I need It? Why critical illness insurance is important?

A critical illness insurance policy covers the insured against life-threatening critical illnesses such as cancer, heart attack, renal failure etc. Critical Illness can strike at any time. This insurance policy provides coverage in the form of a lump sum at the time of diagnosis of a covered illness.

The lump sum can be used for the treatment expenses. Policy pricing is impacted by a number of factors, including the amount and extent of coverage, the sex, age and health of the insure and family medical history. There are exceptions to critical illness insurance coverage. Some types of cancer may not be covere while chronic illnesses are also frequently exempted. The good thing is that this lump sum payout is in addition to any mediclaim or health insurance policy that you may already have.

Exclusively for AARP Members. Such policies, known as critical illness insurance, are increasingly being offered by employers along with life insurance, disability insurance, and other kinds of insurance. According to Aflac, percent of employers now offer critical illness insurance, up from percent just five years ago.

In these instances, you can often only claim once.

For example, if you get a cash payout after being diagnosed with cancer, the policy is effectively finished. There is usually no life insurance payout if you die at a later date. Like most group accident and health insurance policies, MetLife’s CII policies contain certain exclusions, limitations and terms for keeping them in force.

When the policyholder is diagnosed with one of these conditions, a lump sum payment is paid out directly to the insured. This is not health insurance and does not satisfy the requirement of minimum essential coverage under the Affordable Care Act. These covered illnesses are typically very severe and likely to render the affected person incapable of working.

Because of the financial strain these illnesses can place on individuals. The major critical illnesses are a heart attack, cancer or a stroke. Also, there are major chances that you survive after diagnosed with such critical illness.

If you are over age 6 most insurers will not sell you a policy. If you purchase a policy in your early 60s, the cost will be steep. Though a typical critical illness insurance policy might seem expensive but considering the valuable benefits, it’s worth every penny. We offer policies you can buy from us directly and policies available through many employers.

It can provide a benefit to help employees deal with the unexpected costs of a serious illness. Many critical illness plans also offer wellness benefits. With the rising incidence of diseases and cost of treatment, illness can mean substantial financial outgo for Individual.

Basically the health insurance. It is very important to choose a health insurance plan that best suits you and meets your requirement.

My grandfather purchased the critical illness policy from Edelweiss Tokio and said that it is the best.