Who Needs Critical Illness Insurance?

by Giselle Lobo Writer & Blogger

Critical illness insurance is one of the most important insurance coverages that you must not neglect. While critical illness coverage is important for all, certain groups of people are more likely to benefit from purchasing a critical illness policy than others. Given the high-stress environment we are living in, the human body is more susceptible than ever to developing certain illnesses. Taking consultations and treatments for these illnesses can leave you monetarily drained. It is thus only prudent to keep your finances protected with a critical illness policy.

Since certain groups of people are more likely to develop critical illnesses, a suitable critical illness insurance policy can provide much needed financial coverage for these people. Let’s take a closer look at what it means and who might need this cover.

What is a critical illness cover?

Critical illness insurance is a type of health insurance plan that provides coverage for dedicated illnesses and their peripherals. Under this policy, the insurer provides a pre-determined list of illnesses whose impact on the policyholder is compensated through the coverage.

So, if the covered individual is diagnosed with any one or more of the listed illnesses post-policy purchase and post the waiting period, expenses met towards treating such an ailment would be covered. These covered illnesses usually include life-threatening diseases like stroke, cancer, multiple sclerosis, etc.

Individual Groups That Would Need a Critical Illness Policy

There are certain groups of individuals that are more likely to develop critical, life-threatening illnesses than others. They may be in dire need of such financial coverage than others. For these people, a critical illness insurance policy turns out to be a necessity. They include the following.

Individuals with a family history of critical illnesses

The likelihood of developing a life-threatening critical illness increases manifold for individuals who have had these illnesses in their ancestry. For example, if there has been someone in the family who has developed any form of cancer, the risk of cancer increases manifold. Thus, purchasing critical illness insurance is prudent.

Sole breadwinners of the family

Individuals who are the sole breadwinners of the family also need critical illness coverage to keep their family financially protected in the event of such a diagnosis. Costly treatments and hospitalisation expenses related to such life-threatening illnesses can easily be compensated with such policies.

People operating in high-pressure work environments

People who have high-pressure jobs or have demanding everyday work environments are also among the top segments of individuals that risk developing critical illnesses like strokes. A suitable cover in place can thus mitigate financial liabilities arising out of such illnesses.

Individuals more than 40 years of age

Clinically, people over 40 are also more likely to develop such illnesses due to their increased tendency for physiological degradation. Hence, critical illness coverage might be just what they need.

People with poor life choices concerning health and everyday living

Also, people who make poor life choices related to their health, food, and everyday living also subject themselves to an increased risk of developing these illnesses. While healthy living is only apt for them, having a critical illness policy in place keeps them safe from related financial risks.

Conclusion

While these are the most exposed groups of people who might need critical illness insurance coverage, the policy’s utility is not strictly limited to them. If one thinks a critical illness cover may keep your finances protected in the case of such unfortunate diagnoses, one should by all means find a suitable cover to spend on to create a financial cushion around them. The choice of a suitable critical illness policy can be crucial, though, as the coverage is strictly limited to life-threatening diseases that are covered within the policy terms.