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While both critical illness insurance and traditional insurance plans can charge higher premiums as you age, critical illness policies are more likely to do so than traditional plans. … But for many, critical illness insurance is rarely worth the money.

A Critical Illness Insurance policy covers the insured against life-threatening critical diseases such as cancer, heart attack, renal failure etc. This Critical Illness Policy provides a lump sum coverage amount that can cover exorbitant medical expenses for critical illnesses as covered under the insurance policy.

A: Each health insurance has different coverage which might not cover some treatments of critical illnesses. Critical illness insurance will give you lump sum amount to take care of expenses. If you have to stop working and lose income, you can use this amount for taking care of yourself.

Critical-illness plans often cover diseases like cancer, organ transplant, heart attack, stroke, renal failure, and paralysis, among others. There is no coverage if you’re diagnosed with a disease that isn’t on the specific list for your plan, and the list of covered illnesses varies from one plan to another.

If you buy the critical illness element as “additional cover” alongside life insurance, the policy will pay out if you are diagnosed with one of the conditions listed in the policy – and if you die. This is in contrast to combined or accelerated cover, which only pays out once.