Critical illness insurance is an insurance product that provides protection against the risk of serious illness. In the face of rising medical costs and uncertain health risks, critical illness insurance can help reduce your financial burden and protect your family's financial security. However, you need to consider carefully when choosing a critical illness insurance policy to avoid stepping into a pit. In this article, we will introduce the basics of critical illness insurance and provide a few pointers for purchasing critical illness insurance.

First, the critical illness insurance need to pay attention to the point

First of all, what diseases are included in critical illness insurance needs to be viewed from the insurance contract. There may be some differences between different insurance companies, but usually, common critical illness diseases include, but are not limited to, cancer, heart disease (such as myocardial infarction), stroke, kidney failure, organ transplantation, multiple sclerosis, liver failure and so on. The insurance contract will set out in detail the range of illnesses covered, including the definition of the particular illness and the conditions of payment. Careful reading of the insurance contract is the first step to avoid stepping on potholes.

Secondly, the amount of insurance is an important consideration in choosing a critical illness insurance policy. The insurance amount should be determined according to your financial situation and family burden. Generally speaking, the insurance amount should be able to cover the medical expenses and living expenses you may face. Considering the costly nature of critical illness treatment, it is advisable to choose an insurance plan with a higher sum assured.

In addition, the terms and conditions of the insurance contract need to be scrutinized carefully. Pay particular attention to the following aspects:

1. Waiting period: Waiting period refers to the period of time from the effective date of insurance to the time when you can enjoy the insurance benefits. Usually the waiting period ranges from 30 to 90 days. Choosing a shorter waiting period will allow you to get coverage as early as possible.

2. Waiver Clause: A waiver clause is a clause that exempts the insured from continuing to pay premiums after he/she is diagnosed with a specified critical illness. This ensures that the insurance will continue to provide coverage even if you are unable to work.

3. Limitations and exclusions: There may be limitations and exclusions in the insurance contract, such as restrictions on certain pre-existing conditions or high-risk occupations. Special attention needs to be paid to these clauses to understand the exact scope of limitations of the insurance.

Finally, choosing a regular insurance company is also an important factor in avoiding stepping on potholes. Choosing a reputable and qualified insurance company can provide more reliable protection and services. You can make your choice by consulting a professional insurance broker or reading the assessment report of the insurance company.

Second, how to choose critical illness insurance?

Critical illness insurance can be categorized into single-claim critical illness and multiple-claim critical illness in terms of the number of claims. In terms of protection, multiple-claim critical illness is definitely better. However, the premiums for multiple critical illnesses are generally more expensive. Therefore, whether to choose single or multiple, according to the actual family financial situation to start.

Whether to choose term or whole life, in fact, there is no absolute advantage or disadvantage between term and whole life protection. The choice of whole life protection is more powerful, and the choice of term protection will have a higher leverage ratio. Therefore, the choice of term or whole life is also based on the individual's financial situation.

Whether to choose consumer or refundable products?

Here it is recommended to choose consumer products will be much better, because the return type of critical illness is equivalent to a part of the money saved in the insurance company, the expiration of it in the return to the insured, so its premiums are relatively speaking more expensive. If you value financial management in addition to protection, you can buy another one with the extra money.

Write in the end

In conclusion, critical illness insurance is an important insurance product that can provide protection against the risk of critical illness. When choosing a critical illness insurance policy, you need to read the insurance contract carefully to understand the range of diseases covered, the insurance amount and the terms of the contract. At the same time, it is also very important to choose the right amount of coverage, pay attention to the waiting period, waiver clauses and limitation exclusion clauses in the insurance contract, and choose a regular insurance company. By taking these factors into consideration, you can better choose the right critical illness insurance for yourself and your family's health.