Critical illness insurance provides protection against loss of income due to illness or injury caused by pre-existing diseases & disabilities. It pays loss of income.
About critical illness insurance:
Critical illness insurance is not about life insurance but insurance which covers all critical illnesses. For a low premium you can get insurance, which covers you in case of an unavoidable illness.
-Good discounts & offers on healthcare services.
-Reduces costs for burial expenses and funeral.
-Cheaper in the long run than buying health insurance on your own.
Pros of critical illness insurance:
While only some of us will ever need to invest in critical illness insurance, as the expenses from an accidental or untimely death can be tough to bear, this is a necessity when it comes to insurance.
-Access to and knowledge of treatment
-You can check out doctor’s opinion regarding the treatment.
-Prior to you pay the bill, you can know what hospital charges.
Pros of critical illness insurance:
It covers all expenses that you may incur in case of unfortunate incidents. You can take a pre-existing critical illness policy or an endowment critical illness insurance, and apply same for insured.
-High cost of insurance.
-Not the best option if you don’t suffer from any specific disease.
-Not cheap in case of money and a continuous source of worry in mind.
Cons of critical illness insurance:
It gives coverage for property & contents of insured. This is of immense importance when there is a claim & to ensure that entire assets of insured are covered under the critical illness insurance.