Life's blows can come when you least expect it. It is best to be prepared when it comes. The human race is hounded by numerous diseases, some incurable. People who have the insight and plan ahead take advantage of a critical illness insurance plan.
A critical illness plan gives you a certain amount of money when you get hit by a serious sickness like cancer, kidney disease or heart attack. Other insurance you got for yourself probably has certain clauses stating ineligibility to claim for some types of illnesses. This is where this type of insurance comes in. Here's how to get critical illness insurance.
- Search online – Different insurance companies can be found online. Shop around, get other friend's recommendations and read reviews. You need to be particular with this. Get a detailed explanation from the contracts with the insurance agent. Read the critical illness policy and ask questions about the minor details that could end up as a major claim problem in the future. Remember that you are not talking about automotive insurance or getting the cheapest auto insurance, you are dealing with your life, and getting sickness insurance during a tough time.
- Cost – With the way the economy is, can you handle the premiums for another insurance? The premiums can be costly or cheap depending on your current health condition and how old you are, etc. Make sure that you can make payments on time because for most, if not all insurance companies, missing premiums would mean cancellation and not getting your money back. It would entail saying goodbye to months of hard earned money and goodbye to a future lump sum payment.
- Interview – Preexisting conditions are not covered by a critical illness protection insurance. However, knowing your family's medical history is vital so the company knows how much at risk you are. Do not think about lying during the interview for this might end up in having your application rejected or worse you cannot make a claim when you eventually truly become ill.
- Get a full medical exam – This is a usual requirement but if it is not, then that should make you think twice. Send a copy to the insurance company before papers are signed.
- Check your company's insurance – Before you go ahead and choose this or that company, be certain that you are not already covered by this type of insurance. Some good employers and big corporations include this as a benefit of working for the company. Speak with your employee benefits or human resources department and find out.
- Be familiar with claiming procedures – Read the fine print. Find out what requirements are needed to claim the lump sum; how many days you need to wait, what happens when you get better, what happens if you go worse or die before the waiting period ends; is there a beneficiary or nobody gets anything? Ask a lot of questions. It is your money after all.
Critical illness insurance is something you need even though you do not think you need it. It could save your life or simply save you from a full financial meltdown during a health crisis.