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Myths and facts about critical illness policy

Critical illness. It’s the latest life insurance buzzword that has been taking the medical industry into a frenzy. With the increasing cases of chronic conditions like cancer, kidney failure, stroke, and heart attack, many people have been keen to secure insurance coverage for such illnesses. This has led to the development of varied information and misinformation about critical illness insurance plans.

Today, we’re demystifying the facts, myths, and downright lies to set the record straight.

Ready? Let’s get started!

Myth #1:

Critical illness cover is a preserve for middle-aged and senior citizens

Fact:

Critical illnesses do not respect age or class. In fact, recent trends show that a lot of young people are getting diagnosed with diseases that were traditionally linked to old age and declining health.

Health experts blame unhealthy lifestyles, uncontrolled smoking and drinking habits, and workplace stress for increased cases among the young. The bottom line is you can never tell exactly when a critical illness will strike despite your age. This makes taking out critical illness cover one of the best decisions you can make today to protect your plight and that of those who depend on you.

Myth #2:

Critical illness plans attract higher premiums

Fact:

That’s not entirely correct. Whereas pricing varies depending on your preferred plan, the policy is generally a lot cheaper, considering the magnitude of support it guarantees to provide you and your family in case you get diagnosed with a critical illness.

When looking for coverage, be sure to compare and contrast different providers because the premium charges vary from one company to another. Caspian Insurance is a great place to gather information on various insurers including their rates and terms.

In essence, if you purchase a policy that covers advanced stages of a critical illness, you’re likely to pay more premiums due to the added risk. Some insurers also include additional benefits that may justify their pricing.

Myth #3:

Finding the best critical illness cover is tricky and time-consuming

Fact:

Again this shouldn’t always be the case! While it may be tiring to compare different life insurance companies on your own, you can simplify the process by using comparison or review websites.

Alternatively, you can approach a life insurance expert with rich market experience and knowledge for help. They should be able to show you some of the best critical illness insurance companies on the market. Some can even help you come up with a customised plan that suits your needs.

Myth #4:

The insurance plan covers all types of critical illnesses

Fact:

Critical illness insurance only covers conditions listed in the provider’s policy document as qualifying to be critical. These ailments tend to differ from one insurer to another, with only common illnesses like later stages of cancer or stroke sweeping all across.

Before purchasing a critical illness cover, be sure to take a keen look at these policy documents to confirm that the ailment you’re most likely vulnerable to is included.

Myth #5:

If my critical illness policy covers cancer, it automatically includes all types and/or stages of cancer

Fact:

Thanks to technological advancements in the medical field, insurers consider some stages of cancer as manageable. So if you get diagnosed with cancer, it must have reached a defined stage to become eligible for financial support.

Further, most insurers don’t cover all types of cancer. Again, this calls for a thorough review of the policy document to ensure the type you’re most vulnerable to is included in the policy.

For instance, if you’re a woman, you want to confirm that a given policy covers for breast, cervical, or skin cancers and not prostate and lung counterparts which mostly affect men.

Myth #6:

Critical illness policy is a preserve for those without pre-existing conditions only

Fact:

Critical illness cover’s underwriting procedure varies from one provider to the other. Some insurers may require you to undergo a pre-medical screening, while others don’t. 

And the good news? Even if the pre-medical screening results reveal that you have a critical condition, that doesn’t always mean you won’t get covered. The only catch is that you may have to pay higher premiums than the applicants who don’t have pre-existing conditions.

Conclusion

Hopefully, this post has helped to change your perception of critical illness from today onwards. If you have a family history of getting diagnosed with critical conditions, it’s recommended that you take the soonest opportunity to go for this policy.

As long as you adhere to the policy’s company-specific terms and conditions, the application process is quite straightforward and so does the claim procedure.

Are you planning to purchase a critical illness insurance plan? What is preventing you from taking action? Share your experiences in the comments below!

Award-winning writer, blogger, social media consultant and charity campaigner. Social Media Manager for BritMums, the UK's largest parent blogging network Freelance clients include Firefly Communications and Save the Children UK. Works with brands on marketing projects. Examples include Visit Orlando, Give As You Live, Coca-Cola and Kodak. Cambridge Law graduate with many years experience working across three sectors in advice, media relations, events, training and project management. Available for hire at affordable rates.

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