Critical illness insurance is an important form of coverage, yet one that is often lacking in most people’s insurance portfolios. As we all know, critical illnesses such as cancer are on the rise these days. Severe diseases that were once mainly hereditary are now developing a the result of lifestyle causes such as smoking, sedentary desk jobs, bad diet habits, and so on. As such, it is important to stay protected with insurance before the unforeseen happens.
Many people feel that a standard health insurance policy will provide enough coverage if they are diagnosed with a critical illness. However, the expenses that arise from these illnesses often go beyond the coverage of your health insurance policy. For instance, your health insurance policy will cover hospitalisation costs, certain day care procedures, and so on. However, it will not help you afford a domestic worker to care for you at home nor will it help you pay the rent if you have to stop working for a while. This is where a critical illness policy can come in handy.
Critical illness insurance offers a lump sum payout when you are diagnosed with any of the critical illnesses covered in the policy. The lump sum amount can be used for any expense that you deem fit. You may use it to buy groceries, keep a full-time nurse at home, afford the co-payment in your health insurance, and so on. That kind of coverage can truly help you protect your hard-earned savings in the bank.
However, many people still avoid taking critical illness insurance as they feel the premiums are an extra expense.
If you too feel the same way, don’t worry as this article will help you out. Read on to discover 3 smart ways in which you can save money on your critical illness policy premiums.
1. Use aggregator websites to compare coverage
This might seem like one of the most obvious tips out there, but it is often overlooked as people are still in the habit of buying insurance from agents. One of the best ways to get a good premium rate on your critical illness insurance policy is by buying your coverage online. Use aggregator websites to compare plans and choose the most affordable option. However, always go for ‘affordable’ and never ‘cheapest’. This is because your policy should strike the balance between being cost-effective and offering good coverage for a wide range of illnesses and procedures.
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