Choosing the Best Critical Illness Insurance Plan

Medical insurance is the best way to care for yourself and your loved ones. Health insurance can come in handy in an emergency, especially when you are hard on cash and the medical expenses are beyond your financial muscle. Medical insurance will be more critical if you suffer from a life-threatening health condition. You can choose from many critical illness health plans, making it difficult to know which one can suit your unique needs. If you are in the market for a critical health insurance plan, consider the following factors:

1.    Stand-Alone or Add-on?

Critical illness insurance plans are in two categories. You can opt for a stand-alone policy or go for an add-on. A stand-alone plan means it is a plan detached from your existing plan. On the other hand, the add-on arrangement means you add the health cover to your current health plan.

A stand-alone health cover is best because it’s more flexible and can cover many conditions. In the add-on policy, the insured amount must be less than your base policy (life insurance or health insurance). An insurer can never offer an add-on cover of a larger amount than the base cover. A stand-alone cover has a higher premium than add-on insurance but provides better terms and reasonable limits.

2.    The Perfect Size

Before signing up for any critical health plan, you must evaluate your needs. There is no need to pay higher premiums for some components of an insurance plan you won’t need. Coupled with that, you must shop around to find which company offers the best deal and covers the diseases or illnesses you suffer from.

When evaluating your condition and the package offered by different insurers, consider factors like your future monetary liabilities (in case you lose your job), recurring costs, treatment costs, and any medical support equipment you may need. Additionally, your medical history and age will determine your premiums. Critical illness health plans also consider your existing medical coverage, such as disability, personal accident, or Mediclaim insurance policies.

3.    Special Plans

Some insurance companies design critical insurance plans for specific groups of people. For example, some insurance companies offer special coverage for women and senior citizens to care for their special needs. For example, some insurers offer special coverage for cervical, ovarian, and breast cancer. However, these plans are a little expensive compared to other critical illness health plans. But the amount you will pay is worth it.

4.    Age and Renewability

Some insurance companies won’t allow you to renew your coverage once you reach 50 years old. On the contrary, some can allow you to continue your cover for a lifetime. So, before you sign up for any insurance plan, find out about its renewability policy. In addition, you also have to ask about their waiting period and the claim process. The shorter the waiting period, the better.


Choosing the right insurance cover isn’t as easy as it sounds. As you can see, there are critical factors to consider, some of which can be complex. A qualified doctor can help assess your situation and advise on the best coverage you need. It’s also best to work with an honest insurance company to ensure you don’t pay more than necessary.