A critical illness policy is a type of insurance policy that helps cover costs associated with a severe, long-term illness. It is designed to provide financial security so that you and your family do not have to bear the financial burden of such debilitating illnesses.
Typically, a critical illness policy covers expenses related to diagnostics, treatments, and surgeries. It may also include coverage for post-hospitalization care and rehabilitation. Different insurance companies offer different types of coverage, but here are some of the common conditions that are typically included in a critical illness policy:
• Heart attack
• Major organ transplant
• Multiple sclerosis
• Motor Neurone Disease
• Coronary artery bypass graft
• Heart valve replacement
• Kidney failure
It is important to note that most plans come with certain exclusions, so it’s important to review the details of the policy to understand what is and isn't covered.
In times of illness, having the right coverage can make a huge difference, so researching the best option for your needs is important. To get started, you can check out the Insurance Market website, which compares different types of critical illness policies from various carriers. You can also speak to an insurance broker or independent advisor to better understand what options are available and what type of policy is best suited to your needs.