What illnesses are covered by critical illness insurance? A complete guide
Critical illness insurance covers all the illnesses mentioned in the policy. The coverage begins from the disease's diagnosis and includes everything that comes after, including the illness’s treatment, hospital visits, medicine purchases, hospital bills, and more.
At Pitsas Insurances, we offer two critical illness insurance policies. The basic plan covers the most common ailments and thus weighs lighter on the pocket. Our premium package is much more comprehensive as it covers 32 different conditions.
Here's what we'll discuss in this article:
- What illnesses are covered by critical illness insurance
- Factors to consider when buying a CI insurance policy
- Why you might want to purchase CI insurance
What illnesses are covered by Critical Illness Insurance?
As you might guess, the type of coverage your CI insurance policy will offer will depend on the premium you're being charged. The pricier or comprehensive policies cover almost every ailment under the sun, while the basic policies only cover common illnesses.
Let's take the example of Pitsas Insurances' critical illness insurance packages to understand this point. As stated above, we offer two CI insurance packages: basic and premium.
Our basic package is more pocket friendly and therefore covers fewer conditions than the premium package. The conditions covered include organ transplantation, kidney failure, cancer, blindness, heart attack, heart disease needing surgery, and stroke.
In contrast, our premium package covers as many as 32 different conditions. The range of illnesses covered by this plan stretches from the common (heart attack and kidney failure) to the not-so-common (loss of speech and paralysis or loss of use of limbs).
Factors to Consider when Buying Critical Illness Insurance Policy
Make sure to consider these factors when buying a CI insurance policy:
1) Amount of Premium
The premium amount should be such that you can easily pay it, even if an unforeseen expenditure hits your finances in the same month in which the premium is due. Per a rule of thumb, always go for a premium amount that is less than what you think you can pay with ease.
2) Waiting Period
The waiting period refers to the time after which the coverage will begin. Your CI insurance policy won’t cover any illness diagnosed before the waiting period ends. So, as common sense dictates, it's preferable to opt for a CI insurance policy with the smallest waiting period.
3) Maximum Renewal Age
If you're on the other side of 50, make sure to check the maximum renewal age, which is the final age beyond which you won't be able to renew the policy. While some insurance providers have set the bar at 60 years, Pitsas Insurances critical illness plans' maximum renewal age is 64.
4) Fine Print
Some CI insurance policies list those conditions in the fine print which aren't covered. If you are not careful, you might end up signing a policy that doesn't cover the illness you most fear or which runs in the family. For this reason, it's recommended to read the fine print at least twice.
Why You Might Want to Purchase Critical Illness Insurance?
You might want to purchase critical illness insurance if:
- You're the sole breadwinner for your family.
- Your savings will quickly deplete if you suffer a severe medical disease or injury.
- Your job doesn't come with the employee benefits package, or the package on offer doesn't cover a long leave from work.
That said, you might decide against purchasing CI illness insurance, if:
- Your savings are big enough to help you last 6 months without any paycheck.
- Your recurring financial commitments – rent, mortgage, etc. – are zero.
- Your employee benefits package will have your back if you take sick leave from work.