Advantages Of Critical Illness Insurance Over Medical Insurance
As you may wonder, why opt for a Critical Illness Insurance when you can have a full coverage medical insurance. Apart from the following stated benefits of Critical Illness Insurance over medical insurance, medical insurance also a few circumstantial flaws regarding persuading a claim.
Critical Illness Insurance covers a large range of illnesses including heart attack, stroke, come, cancer, etc. Such illnesses are life changing and mere medical reimbursements are not enough to cover all requirements. Such illness often lead to a halt in income and also result in an extreme stress for the family. Thus Critical Illness insurance is designed specifically for such circumstances which have a huge effect on all factors attached to you.
Lump-sum Benefit and Its Applicability
Unlike Medical Insurance, Critical Illness Insurance matures into a lump-sum amount rather than just medical bill reimbursements. It is beneficial to cover more than just the hospital expenses which play a vital part. While witnessing a life affecting illness, there are other obligations also which you might e missing on. To cover such expenses like loss of income, nursing charges, counter employees, the lump-sum can be used for. But in medical insurances, only medical receipts are applicable to be covered.
Return Of Premium
Critical Illness Insurance provides an option of return of premium in the event of your demise. Here, if you do not experience any Critical Illness Claim requirement during your lifetime, your family would receive a return of premium after your death. The premiums will be lower depending on how long the survival period. Longer the period lower the income.
A few additional benefits that Critical Illness Insurance Offers you are that after every two years, the benefit amount is increased by 20%. This increase is offered for the initial five 2 year anniversaries, ie., it increases every two years for a period of 10 years. Also if you have been disabled for 90 consecutive days your premiums will be there on paid by RBC, which will also refund the premiums that you paid for the initial 90 days of your illness.