What does Critical Illness Insurance Cover? Everything You Need to Know
Critical illness insurance covers severe medical conditions and critical illnesses mentioned in the policy.
This form of insurance covers everything related to the disease’s diagnosis and treatment, such as doctor visits, medicine purchases, treatment costs, hospital bills, etc.
Pitsas Insurances provides two CI insurance policies.
Our basic package covers the most common health conditions, including heart attack, cancer, organ transplantation, kidney failure, and more. The premium package covers all these conditions plus 26 more.
Here’s what we’ll discover in detail in this article:
- How much does critical illness insurance cost.
- What to consider when buying CI insurance policy.
- Should you purchase CI insurance.
- What distinguishes Pitsas Insurances CI Insurance Plan.
How much does Critical Illness Insurance Cost?
Starting with your age, multiple factors will determine how much money you’ll have to pay to purchase critical illness insurance policy. These include your family medical history, your current health status, and how many conditions you want your CI insurance policy to cover.
Another factor that will affect the monthly premiums of your CI insurance policy is your job. If the insurance provider adjudges you to be in a high-risk occupation, you might be asked to pay more money in monthly premiums than another person on a relatively low-risk job.
The type of premium you opt for is another factor that will influence your CI insurance policy’s cost. Reviewed premiums remain fixed for a specific period, after which they are likely to go up. However, guaranteed premiums remain the same for the entire duration of the policy.
What to Consider when Buying CI Insurance Policy?
Make sure to watch out for these factors when purchasing a CI insurance policy:
1) Covered Conditions
Most people want their CI insurance policy to cover as many conditions as possible. Yet policies that cover everything under the sun will charge a fortune in monthly premiums. It’s thus recommended to opt for a policy that strikes the sweet spot between monthly premiums and conditions covered.
2) Waiting Period
Many people think their CI insurance policy will become active the day they purchase it. Unfortunately, that is not the case. Most CI insurance policies take anywhere between three to six months to become payable. Pitsas Insurances’ CI policy becomes payable within 90 days.
3) Maximum Renewal Age
Did you know that CI insurance policies come with an upper age limit? This is the age beyond which you won’t be able to renew the policy. Our CI policy is one of the most flexible for older adults as it has set the maximum renewal age limit at 64.
4) Excluded Conditions
Similar to any other insurance policy, there will be certain inclusions to watch out for when purchasing the critical illness insurance cover. For example, most CI policies exclude terminal illnesses, which are conditions with less than 12 months of life expectancy.
Should you Purchase Critical Illness Insurance?
You might want to purchase critical insurance if:
- You’re the sole breadwinner of the entire family
- Your savings will be depleted if a severe medical condition prevents you from holding any job for a few months
- Your job doesn’t come with the employee benefits package
That said, you may not need critical illness insurance if:
- You’ve never had any serious medical condition in life.
- Your job comes with a generous employee benefits package.
- The savings in your bank account can cover an extended leave from work.
What distinguishes Pitsas Insurances CI Insurance Plan?
Here’s why you might want to purchase your critical illness insurance policy from Pitsas Insurances:
- Multiple pricing plans.
- Coverage available to 18 – 64 year olds.
- Lower premiums than what other insurers offer.
- No requirement for medical tests.
- No condition for a prior medical insurance.
- Coverage starts from €25 per month.