Every year, about 700,000 people suffer a stroke, 340,000 face a heart attack and close to 1 million are found suffering from cancer.
Give this a thought.
If one of these unfortunate events happened to you, do you have enough money to meet your expenses, pay for drugs that are not included in traditional health plans and other material? A critical illness plan is not a life insurance or a medical insurance.
It is a policy that includes the financial lapses just in case you do suffer one of the critical illnesses.
Initially this policy only included severe health hazards like cancer, but today the scope is widened by including other diseases such as Alzheimer's disease, blindness, paralysis, renal failure, etc.
Critical illness plans can be bought for various prices ranging from $200,000 to $5000.
The monthly premiums of this illness plan increases with your age.
Let us explain to you how this plan works - assume you have gotten a plan worth $100,000 and it covers strokes, invasive cancer, heart attacks, organ transplant etc.
Now if you are diagnosed with one of these illnesses, you will naturally get your whole amount of $100,000 to aid your treatment.
However if you do not suffer any of the critical illnesses mentioned in your plan, the money belongs to the insurance company.
A critical illness plan is very useful provided you get to avail of its advantages.
Otherwise it is only a wasted investment though you can never predict what turns you will face in your life and if it is not in your favour and it affects your health, a critical illness plan might prove to be rather handy.
So do consult your insurance advisor and opt for the plan only if you think it is worth it and will stand you in good stead.
Give this a thought.
If one of these unfortunate events happened to you, do you have enough money to meet your expenses, pay for drugs that are not included in traditional health plans and other material? A critical illness plan is not a life insurance or a medical insurance.
It is a policy that includes the financial lapses just in case you do suffer one of the critical illnesses.
Initially this policy only included severe health hazards like cancer, but today the scope is widened by including other diseases such as Alzheimer's disease, blindness, paralysis, renal failure, etc.
Critical illness plans can be bought for various prices ranging from $200,000 to $5000.
The monthly premiums of this illness plan increases with your age.
Let us explain to you how this plan works - assume you have gotten a plan worth $100,000 and it covers strokes, invasive cancer, heart attacks, organ transplant etc.
Now if you are diagnosed with one of these illnesses, you will naturally get your whole amount of $100,000 to aid your treatment.
However if you do not suffer any of the critical illnesses mentioned in your plan, the money belongs to the insurance company.
A critical illness plan is very useful provided you get to avail of its advantages.
Otherwise it is only a wasted investment though you can never predict what turns you will face in your life and if it is not in your favour and it affects your health, a critical illness plan might prove to be rather handy.
So do consult your insurance advisor and opt for the plan only if you think it is worth it and will stand you in good stead.
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