Critical Illness Insurance And Its Different Plans
The critical illness insurance is one of the most popular protection insurances that
you can take if you anticipate to suffer from any critical illness in the future. This insurance plan will cover the illness that you decide while choosing the plan. You can also combine the critical insurance cover along with the life insurance plan. In case you want to protect your family, then it is better if you go for the level term plan. The level term plan continues for the time period you decide and your chosen sum assured remains the same for the entire plan duration.
If you have a specific budget and do not want to exceed that then you can choose the reviewable premium. The company with which you have your insurance plan for critical illness can review your premium every 5 year. They can then choose from any of the options. They can decide to put up the premium per month, or they can put the premium down per month or keep it the same. These reviewable premiums are cheaper and hence, the price is quiet low for your benefit. Another is the guaranteed premium. This is more expensive than the reviewable premium in the beginning but it remains the same for the entire time period of the plan.
There is also a joint critical illness insurance plan. In this case, if one person among you suffers from critical illness the plan will pay you. This plan is very cost effective and you will usually get it in a much cheaper price than two single plans. The critical illness cover quote can be obtained from the company you are linking yourself with for the insurance plan. The critical illness insurance quote given to you by different companies may vary. You can compare these quotes and decide the company you want to choose. In order to choose the company you can also check the list of illnesses that they cover. If your plan has approximately 40 illnesses covered then the company is perhaps one of the market leaders. The leading illnesses that are covered are heart attack, cancer and stroke. Association of British Insurers (ABI) has a list of critical illnesses that are necessary to be covered in your plan. And they also have definitions of the time you allowed to claim the plan. So, get set and browse different plans available and go for the one that suits your needs the best.