Critical illnesses like cancer are on the rise. These illnesses often require a much longer period of treatment for proper recovery. Very often, the patient needs to stop working and cut back on their usual activities during treatment. As one can imagine, finances do get heavily impacted. Having the protection of critical illness insurance in such times can truly safeguard you against falling into heavy debt because of the illness. This form of insurance pays you a lump sum if you are diagnosed with the illnesses covered in the plan. You can use the payout for any expenses that you have.
Many of us often think that critical illnesses only strike later in life. Thus a lot of people often delay purchasing this form of insurance, thinking that their hospitalisation insurance plans will suffice. However, that is a huge mistake! Critical illness insurance can prove beneficial for all age groups. Whether you are in your 20s or your 30s, it is never too early to buy critical illness insurance. To help you understand why, we take a look at a few compelling reasons that will show you why you need this form of insurance as soon as possible.
- Premiums are cheaper
This is undoubtedly the main reason why you should be buying critical illness insurance as soon as possible. If you are in your 20s right now, your premiums will cost you half of what they would if you were to buy coverage in your 40s. So, make the wise choice of buying critical illness insurance now, before the years pass you by.
- Critical illnesses don’t discriminate by age
While aging does make you naturally vulnerable to more diseases, illnesses can strike in your younger years too. Heart attacks and cancer have been known to affect people who are in their 20s too. When you get diagnosed with a critical illness, your finances will take a huge hit. You may be unable to work for several years and thus, unable to afford any debts you may have. With proper planning, having critical illness coverage can ensure that you can meet all your expenses without worry.
- Provides peace of mind
A critical illness insurance plan can truly provide you with peace of mind. If you have this form of coverage taken care of early on, you can go ahead and take on more responsibilities in life. For instance, you can go ahead and get married, have a child, or even buy a home knowing that should anything unfortunate happen, life can still go on. You will not have to worry about providing for your loved ones or paying for a mortgage in case you fall ill as your critical illness insurance lump sum is there to provide financial coverage for you.
We hope that these reasons have convinced you as to why it is so important to buy a critical illness cover as soon as you can. Should you be looking to purchase a critical illness insurance plan, here are some considerations to look at.
Do speak with a financial consultant for more help in selecting the right plan. Take care and stay healthy.
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