Darlene Kaitlin of insurance intermediary Essential Health says;
“Critical illness insurance is a policy that helps you to afford the medical treatment for a life threatening disease. Medical advancements have achieved great milestones, and today we can proudly say that we have conquered many dreaded diseases by finding out their treatments. But the cost of getting treated has also increased astronomically. People at times do not survive diseases just because they are unable to bear the cost of the treatment. The critical illness policy comes to your aid when you need it most.
Unlike other medical insurance and other policies that pay after an unpleasant incident has occurred, the critical illness policy provides financial support. The best part is that you are paid a lump sum on being diagnosed with a serious ailment, so are in a position to afford the expensive medical treatment and can successfully recover with the post medical medication and care. The huge medical bills become seemingly easy to tackle, and you do not have to dig deep into savings.”
The critical illness policy is very flexible in terms of the payments.
The only catch is that you have to survive a 30-day period, called the 'survival period' in order to claim the insurance money.