critical illness insurance

{ "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What is the fundamental purpose of critical illness insurance?", "acceptedAnswer": { "@type": "Answer", "text": "Critical illness insurance is to provide financial protection against the costs and lifestyle changes associated with a serious health diagnosis. It acts as a complementary product to traditional and govt. health insurance, offering a financial buffer to help manage various expenses and potential income loss resulting from a covered serious illness." } },{ "@type": "Question", "name": "How is the benefit of critical illness insurance paid out?", "acceptedAnswer": { "@type": "Answer", "text": "The benefit of critical illness insurance is paid out as a tax-free, lump-sum cash payment. This payment is made upon the diagnosis of a covered critical illness, provided that the insured has survived for a specified period after the diagnosis (known as the survival period)." } },{ "@type": "Question", "name": "What can the lump-sum payment be used for?", "acceptedAnswer": { "@type": "Answer", "text": "The lump-sum payment is highly flexible and can be used for a wide range of needs. This includes replacing lost income due to inability to work, paying for medical treatments not covered by health insurance, making modifications to a home to accommodate a new condition, or even covering travel expenses for specialized medical treatment. The funds are not restricted to direct medical costs." } },{ "@type": "Question", "name": "What is a crucial aspect to understand regarding covered conditions?", "acceptedAnswer": { "@type": "Answer", "text": "A crucial aspect is understanding which specific illnesses are covered by the policy. Critical illness coverage is not universal; it is restricted to a predefined list of critical illnesses explicitly specified within the policy document. Eligibility for a claim depends on the diagnosis being for a condition that is listed as covered. Common ones include specific types of cancer, heart attack, and stroke. Many policies cover 25+ conditions like kidney failure, major organ transplant, paralysis, etc. Coverage varies by insurer and policy. Many critical illness insurance policies include the following Critical illnesses and conditions as covered :\n\nCancers and Tumours:\n\n 1. Benign Brain Tumour\n 2. Cancer (Life-Threatening)\n\nCardiovascular:\n\n 3. Aortic Surgery\n 4. Coronary Artery Bypass Surgery\n 5. Heart Attack\n 6. Heart Valve Replacement or Repair\n 7. Stroke (Cerebrovascular accident)\n\nNeurological:\n\n 8. Bacterial Meningitis\n 9. Dementia, including Alzheimer’s disease\n 10. Motor Neuron Disease\n 11. Multiple Sclerosis\n 12. Parkinson's Disease and Specified Atypical Parkinsonian Disorders\n\nVital Organs:\n\n 13. Kidney Failure\n 14. Major Organ Failure on Waiting List\n 15. Major Organ Transplant\n\nAccident and functional loss:\n\n 16. Acquired Brain Injury\n 17. Blindness\n 18. Coma\n 19. Deafness\n 20. Loss of Limbs\n 21. Loss of Speech\n 22. Paralysis\n 23. Severe Burns\n\nOther:\n\n 24. Aplastic anemia\n 25. Occupational HIV Infection\n\n + Long-Term Care In case of loss of independent existence" } },{ "@type": "Question", "name": "How is Critical Illness Insurance different from Disability Insurance?", "acceptedAnswer": { "@type": "Answer", "text": "Critical Illness Insurance pays a tax-free lump sum upon diagnosis of a covered health condition, regardless of your ability to work. Disability Insurance typically replaces a portion of your income on a monthly basis if you're unable to work due to injury or illness. They serve different, but complementary, purposes as living benefits." } }] }