Poor health conditions bring about significant disruptions, affecting not only one’s health but also the overall quality of life. To cope with unforeseen medical expenses, it’s essential to have a substantial amount of money. Diseases often progress silently, making it challenging to detect until it’s too late. Therefore, besides maintaining a healthy lifestyle, one may consider whether to purchase critical illness insurance to preemptively guard against these potential risks.
I. Should You Buy Critical Illness Insurance While Young and Healthy?
With the conveniences of modern life come various stressors and pollution, making individuals susceptible to critical illnesses. Fortunately, effective treatment methods have been researched, extending the lifespan of those with critical illnesses. However, the primary obstacle often lies in the exorbitant treatment costs, leading to financial strain and premature treatment cessation. The estimated total cost for treating a critical illness patient can range from millions to billions of Vietnamese dong.
To address this issue, many people turn to critical illness insurance policies offered by insurance companies, often in conjunction with health insurance and life insurance, before facing a high risk of illness.
Health insurance and health care insurance aim to prevent health and accident risks for the insured. While they can cover common medical needs, they may fall short in providing adequate support for critical illnesses due to exclusions or relatively low payouts.
On the other hand, critical illness insurance, managed by insurance companies, is considered an optimal solution specifically designed for those at high risk of critical illnesses. Owning such insurance helps alleviate concerns about unexpected illnesses and allows individuals to focus more on meaningful activities.
II. Benefits of Critical Illness Insurance
1. Ensuring Personal and Family Financial Security
The most significant benefit of critical illness insurance is reducing the financial risk associated with illness treatment. By securing the insured’s rights upon diagnosis, regardless of the illness stage, the insurance company can provide partial or full coverage, depending on the illness severity at that time. Moreover, most insurance companies have extensive networks of well-equipped hospitals, allowing policyholders to freely choose top-tier medical facilities for treatment.
2. Insurance Costs are Insignificant Compared to Benefits
For routine health check-ups, health insurance or healthcare insurance may be sufficient. However, critical illnesses are unforeseen risks that no one desires. The premium for critical illness insurance is much lower than other insurance types, ranging from 0.05% to 0.5% of the insurance amount. Therefore, individuals can invest a small amount to protect their family’s financial stability against illness.
III. Considerations When Purchasing Critical Illness Insurance
Before deciding to purchase critical illness insurance for yourself and your family, here are some considerations:
Waiting Period: The waiting period is the time during which you are not covered by insurance, even though you have signed the contract and paid the premium. Typically, this waiting period is 90 days, depending on the specific contract type. Note that the waiting period does not apply if you renew the contract to ensure seamless insurance coverage. Read the Illness List: Carefully read the list of critical illnesses covered by insurance and the illness severity levels included in the contract. Before signing the contract, it’s crucial to understand these terms, as they may differ significantly from your initial expectations. Understand Exclusion Clauses: Like any insurance, understanding exclusion clauses is crucial. Knowing these clauses will help you avoid unnecessary losses after purchasing insurance and allow you to receive the maximum protection in case of a covered risk. Conclusion
If you are contemplating whether to purchase critical illness insurance, it is hoped that this article has provided enough information to help you make an informed decision. Participating in critical illness insurance is a way to significantly reduce anxiety, eliminate financial barriers hindering the treatment process, and protect yourself and your loved ones.
Cre: Ron/papaya.asia
