The Critical Illness Policy Is Very Flexible In Terms Of The Payments

Category: Finance, Insurance.

Before we answer the question as to why we need a critical illness insurance policy cover, let s first find out what exactly is critical illness insurance.

Medical advancements have achieved great milestones, and today we can proudly say that we have conquered many dreaded diseases by finding out their treatments. It is a policy that helps the insured in affording the medical treatment for a life threatening disease. But, on the other hand, the cost of getting treated has also increased astronomically. The critical illness policy comes to the aid of the person when he requires it the most. People at times do not survive diseases just because they are unable to bear the cost of the treatment. Unlike other medical insurance and other policies that pay a person after an unpleasant incident has occurred, the critical illness policy provides financial support to the insured. The huge medical bills become seemingly easy to tackle, and the insured does not have to dig deep into his savings and other financial resources.

The best part is that the insured is paid a lump sum on being diagnosed with a serious ailment, so that he is in a position to afford the expensive medical treatment and can successfully recover with the post medical medication and care. The critical illness policy is very flexible in terms of the payments. He may use the lump sum amount either fully or partially towards his treatment and subsequent rehabilitation. The payments are unrestricted, and the insured can put the money to any use. The only catch in this policy is that the person covered under the critical illness policy has to survive a 30 day period, called the survival period in order to claim the insurance money. In case the insured does not survive the 30 day period, his beneficiaries will still be entitled to his life insurance policy.