The Rising Cost of Critical Illnesses

A serious illness, like most calamities, frequently arrives unannounced. And much like a catastrophic event, a critical illness takes an egregious toll on your physical, emotional, and financial wellbeing. Those who are 50 plus are generally the most susceptible to critical illnesses. However, our modern lifestyle has made critical illnesses frighteningly common even in younger people.

Nowadays, men and women who are still in their 30 suffer from various lifestyle diseases, be it cardiovascular issues, diabetes, or elevated cholesterol. All these issues can lead to critical illnesses if they are not treated seriously. Moreover, critical illnesses are not only life-threatening but are also a massive financial drain on your family. This is why it is important to keep yourself financially protected with the help of insurance.

How Life Insurance Plans Can Help Against Critical Illnesses

While health insurance is great for dealing with the medical costs of treatment, it cannot provide coverage for the loss of income that occurs when you are incapacitated by a critical illness. This is where life insurance comes into the picture. Most life insurance plans come with riders (paid optional benefits) that provide coverage against critical illnesses. With a critical illness rider, you will not only have life cover but will also be provided additional financial support if you are diagnosed with any illnesses listed in your policy’s T&C.

Why Term Insurance Plans are Ideal for Financial Protection

Term insurance plans are the simplest form of life insurance, where you pay a premium in exchange for life cover. There are no returns or maturity benefits, the sole objective of a term plan is to cover your loved ones against the risk of your death. Due to its simple nature, term insurance plans are also the most affordable insurance plans available on the market. The premiums for term plans are generally low and the sum assured (death benefit) is comparatively high.

Comprehensive term insurance plans like Edelweiss Tokio Life- Zindagi Protect provide life cover along with a critical illness rider. The critical illness rider provides financial protection against various critical illnesses including cancer, coronary heart disease etc. When you get diagnosed with any of the listed illnesses, you will receive the sum assured as compensation. This lumpsum payout will help you family maintain their living standards even while you are out of commission.

Moreover, Term insurance plans comes with multiple customization options. You can choose the life cover, critical illness rider, policy term, premium paying term, and customise the payout options.

Insurance with Additional Benefits for Your Family

Certain whole life insurance plans also come with additional benefits that continue to help your family even when you are gone or are incapacitated by a critical illness. For example, Edelweiss Tokio Life- Guaranteed Growth Plan offers a Family Benefit option for critical illnesses. When you choose this option, your will continue to be covered by your policy without having to pay any additional premiums if you are diagnosed with a critical illness. Moreover, you and your family will also receive the maturity benefit at the end of the term.  

Importance of General Health Insurance

General health insurance is a must for everyone. Healthcare is becoming more and more expensive, and medical treatments for critical illnesses can completely drain your savings. General health insurance helps you pay off your medical bills without straining your lifelong savings.

In Short

Critical illness is a serious health condition that has devastating effects on a person’s lifestyle and family. Moreover, such illnesses also require a huge amount of money for treatment. You could also face loss of income due to inability to work and the time it takes to recover. Safeguard yourself and your family with insurance to avoid the financial hardships that could come with a critical illness.

Swati Tumar - Travel & Finance Writer   

Swati is a Writer in the day and an illustrator at night. Among her interests, she is quite fond of art and all things creative. She often indulges herself in creating doodles, illustrations, and other forms of content. She identifies herself as an avid traveler and shameless foodie.