Smart Debt
When To Take Critical Illness Cover?
Published by admin | Filed under Smart Debt
Have you heard about critical illness insurance? Well, it is very popular these days. The motive of this policy is to provide the holder the financial security in case of any critical illness. It is an important way in which you can get your life secured. If you have any dependents or are living alone, it actually does not matter. You must have the critical illness cover so that in case of any illness you can ensure financial stability.
On diagnosis, if you being the policyholder are diagnosed with any critical or serious illness, then in that case you get the payment. And this payment is exempt from tax. Now, not all illnesses are critical. It actually depends and the cover that you are taking must have that illness in the list.
As you know, that different companies have different terms and conditions. However, some illnesses are quite common and mostly covered by the insurance companies. These are cancer, cardiac arrest, brain tumor, kidney failure etc. You must remember that on diagnosis of the serious illness, you get this lump sum amount, being the critical illness policyholder. Now, how you spend it is not the company’s matter. It is up to you. This policy’s aim is to give you a lump sum amount on diagnosis of the critical illness. You can never say that nothing will ever happen to you. Life is unpredictable. Hence, you must get the critical illness cover for you and your family’s financial stability.
Tags:
Leave a Comment