In her 30s, Miss Snape invested in an insurance plan. She never thought she would require adding a critical illness cover to the current policy. She always considered cancer and heart ailments as an old man’s disease. That’s why she thought a critical illness insurance policy couldn’t ever benefit her at an early age.
But given the reports, heart attacks (and sometimes cancer) are becoming common in young adults these days (especially young women). Miss Snape was in a state of confusion, and that’s why she believed this myth about the policy. If you think alike Miss Snape, it’s time this post debunks other similar myths about this policy. The following are six myths about a critical illness cover that you should remove from your mind.
Myth 1: Premiums for the Critical Illness Cover is Usually More
One of the common myths that people usually believe is the critical illness covers come with higher premiums. The fact that people think the premiums are higher is because they usually purchase it at an older age. The premiums can get purchased at a lower rate when younger people purchase it. For people in their young age, critical illness insurance is the most affordable and best health insurance policy.
Myth 2: Finding an Affordable Insurance is Time Taking
No longer do you require visiting the physical insurance office just to learn about insurance policies. With the inception of smartphones and the Internet, you simply can perform your research to get knowledgeable about insurance plans. You can purchase the policy on your own or even through the employer. Usually, many offer insurance as a volunteer benefit. When you include it to your current life insurance cover, it saves your money.
Myth 3: Critical Illness Cover Is Same As Other Policies
A regular medical insurance cover will give you the coverage against medical emergencies occurring due to health ailments. However, a critical illness policy offers coverage for medication and treatments for critical medical illness. This is where the difference between critical illness cover and other policies get noticed.
Myth 4: Critical Illness Cover Provides Coverage for Each and Every Critical Disease
No, critical illness cover does not offer coverage for all the critical diseases. The insurance covers life-threatening diseases, including leukemia, cancer, Hodgkin’s disease, lymphoma, tumors, etc.
Myth 5: Critical Illness Insurance Does Not Offer Tax Benefits
Assuming that critical illness insurance doesn’t offer tax benefits is a complete misconception. As a matter of fact, premiums paid for the cover are exempt from the tax under the 80D Section of Income Tax Act of India 1961. Thus, purchasing the insurance program is always a beneficial move.
Myth 6: Critical Illness Policies Act as Cancer Covers
Critical illness plans cover multiple kinds of cancer. But the truth is several types of cancer do not include in the plan. They are skin cancer, tumors that are pre-malignant and non-invasive, etc. The cover only helps when the type of cancer is at a malignant stage.
The Bottom Line
Thus, a comprehensive critical insurance cover can protect you and secure your future ahead.