How To Get Critical Illness Insurance For Parents

Are you ready to get broad information on how to get critical illness insurance for parents? Then keep reading this article. 

If you are a lucky person you might not need to use critical illness insurance, also it is called catastrophic illness insurance. 

Perhaps you haven’t heard of it, but in the event of a big health emergency, like cancer, a heart attack, or a stroke. Critical illness insurance can be the only thing standing between you and your financial ruin. 

Also, people think that they’re fully protected with the standard health insurance plan but the exorbitant costs of treating life-threatening illnesses are usually more than any plan will cover. 

Read on to learn more about how to get critical illness insurance for parents. 

READ MORE: Critical Illness Insurance: What Is It? Who Needs It?

What Is Critical Illness Policy? 

A critical illness insurance policy covers the insured against life-threatening critical diseases like cancer, renal failure, heart attack etc. 

Moreover, the critical illness policy offers a lump sum coverage amount that can cover exorbitant medical expenses for critical illnesses covered under the insurance policy. 

How To Get Critical Illness Insurance For Parents 

To get critical insurance for your parents, you have to follow these steps: 

• Do a Research 

Start to research different insurance providers and policies. Look for insurers that give critical illness coverage for parents and compare their offerings, premiums, coverage and terms. 

• Understand The Coverage 

Ensure you understand what the policy covers and what it doesn’t. Critical illness policies are different.  Moreover, so properly checks for specific illnesses covered, waiting periods, and other terms and conditions. 

• Assess Your Parent’s Health 

Insurance companies will likely require your parents to undergo a medical examination or show their medical history.  Also, you have to be prepared for this and make sure that your parent’s health records are in order. 

• Choose The Right Policy 

Then choose a policy that suits your parent’s needs and your budget. You may want to consult with the insurance advisor to help you make the right choice. 

• Complete The Application 

You have to fill out the insurance application accurately and honestly. Any misrepresentation can lead to claim denials.  

• Pay Premiums 

You have to pay the premiums as per the policy terms. Some policies can offer monthly, quarterly or annual payment options. 

• Wait For Approval 

Once the application is submitted, you will need to wait for the insurance company to review and approve it. 

• Review The Policy

Properly review the policy documents once it is approved to make sure they match your expectations and needs. 

• Keep The Policy Active 

You have to ensure you pay the premiums on time to keep the policy active. 

• Understand The Claims Process 

To be aware of the claims process, parents need to make the claim. It involves you submitting medical reports and other relevant documentation. 

• Regularly Review and Update 

As for your parents’ health and circumstances, you will consider reviewing and updating the policy to make sure it continues to meet their needs. 

READ MORE: What Is Accidental Insurance? Coverages And Benefits

Why Is It Important? 

You can buy critical illness insurance on your own or through your employer, many give it as a voluntary benefit.  Also, it can be added to your current life insurance plan as a rider, which may be a more affordable option with the same benefit. 

One of the reasons companies have been keen to add these plans is that they recognize employees are worried about steep out-of-pocket expenses with high deductible plans. 

Moreover, not like other healthcare benefits, workers generally bear the entire cost of critical illness plans. That makes the money easier for companies and workers alike. 

A big draw of critical illness insurance is that the money can be spent on various things like: 

• To pay for critical medical services that might otherwise be unavailable. 
• Payment for treatments not covered by a traditional policy. 
• To pay for daily expenses, to enable the critically ill to focus their time and energy on getting well instead of working to pay their bills. 
• Transportation expenses like getting to and from treatment centres, retrofitting vehicles to carry scooters or wheelchairs and installing lifts in homes for critically ill patients who can no longer navigate staircases. 
• A long navigated staircase. 
• Terminally ill parents, or those simply in need of a restful place to recuperate, can be the funds to take a vacation with friends or family. 

Pros of Critical Illness Insurance 

Critical illness insurance gives a lump sum of money when you are diagnosed with an illness covered under the policy. 

Moreover, the payout can be spent on needs which are mortgage payments, transportation of equipment or even vacation while you recover. However, the premiums are low and affordable compared with those of typical health insurance policies. 

Cons of Critical Illness Insurance 

Some kinds of cancer may not be covered and chronic illnesses are always exempted.  Also, the recurrences of a critical illness like a second stroke or heart attack may not receive a payout. 

The coverage can end or be reduced when the insured reaches a specified age.  It is important to note the particular circumstances under which a policy covers a condition, as some critical illness policies stipulate narrow restrictions.

READ MORE: What Mortgage Protection Insurance is All About.

Conclusion 

It’s important to consult with insurance professionals or agents to navigate the process and select the most suitable critical illness insurance policy for your parents.  Additionally, the eligibility and requirements are different depending on your location and the insurance provider, so be sure to check with the specific insurer you’re interested in.