Can critical illness insurance become a lifesaver?

Before proceeding, let’s see what critical illness insurance is. A critical illness insurance policy provides a lump sum and tax-free amount to the policyholder if he/she is diagnosed with a distinct critical illness that’s listed in the insurance policy. Now, let’s find out how critical illness insurance can become a lifesaver? Many individuals question the importance of critical illness insurance over a health insurance. If you’re one of them, let me tell you critical illness insurance is a boon to people stuck in a difficult financial situation. Here are some ways by which critical illness insurance can save your life (I mean your financial life):

1. Helps to pay out of pocket health-care expenses

Do you require a health insurance policy? Yes? Good! But, do you know what to do if it does not provide a cashless claim? You have to pay the hospital bills before making a claim. Moreover, you’ve to pay other expenses like a hotel stay, travel, etc. out of your pocket. In short, all your savings may get depleted for a certain period. With critical illness insurance, you’ll be paid a lump sum amount on your diagnosis of a specific illness. However, you don’t have to pay a single penny out of your pocket. Your savings will remain intact.

2. Acts as an income alternative

What will you do if you’re the sole breadwinner of your family and diagnosed with a critical illness? How will you support your family in such dire situation? In that case, critical illness insurance can become an alternative income option. So, you don’t have to beg money from your relatives and friends anymore.

3. Pays off your mortgage EMIs

It helps to pay off your mortgage EMIs if you’re forced to quit your job due to your illness. Even if you’re still thinking of purchasing a critical illness insurance policy, think of the financial help you’ll get.

4. Prevents from adding further debt

If you are going through a financially hard time, use the money from your critical illness insurance to pay off your bills and loans. Thus, a critical insurance policy won’t leave your finances in an unwanted stressful position.

5. Helps you recover peacefully

A critical illness can drain all your savings and leave you in medical debt if you’re not insured properly. However, knowing that there’s a financial backup will keep you stress-free and help you recover quickly. Thus, it’ll help you stay tension free by eliminating half of your financial worries. So, what are you waiting for? Buy a critical illness policy right now! Has critical illness insurance benefited you? If so, do share your experiences with us in the comment section below. For more info check out - Critical illness insurance or health insurance?