Many people ask if it’s worth buying critical illness insurance, but it’s really a question that can’t be answered as nobody can predict what’s going to happen in the future. Sure, it’s definitely worth it to people who get stricken with a major illness and people who are fortunate enough to stay healthy all of their lives may not think it’s such a great deal.
However, if you do happen to be diagnosed with a major illness it’s usually too late to be able to buy any type of health plan to cover you. A critical illness insurance policy will be there for you if needed due to a major illness.
You don’t have to be employed to purchase the insurance, but it’s a great way to cover your income if you happen to be unable to work. You don’t have to be disabled either to collect the benefits, you will be paid them after being diagnosed with an illness. This means the lump sum payment can help you pay the medical costs related to the illness, any related procedures and recovery costs, etc.
Each critical illness insurance plan will provide a list of illnesses and medical procedures that are covered. You’re eligible for benefits if you have one of them, but there could be a waiting period involved. Also, if you die while in that waiting period, be aware that many insurers might not pay off the benefit unless there’s a rider in the plan.
It might be tough getting critical illness insurance if you’re 65 or older and if you’re close to the age of 60, the premiums usually cost more. The cost is usually calculated by considering your age, height, weight, smoking habits, current health conditions, and your family’s health history.
Good critical illness insurance policies should cover transportation benefits for treatments, as well as regular diagnostic tests.