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Long life expectancy can no longer be taken for granted. Our present day lifestyle is fast paced, and due to the ‘instant’ factor of everything we eat and do, though it indicates huge stride in progress, such instant factor also has an impact on our health. Eating ‘ready’ foods treated with ingredients which may not be good for the body; rushing through the daily routine, putting the body under continuous stress; vigorous use of gymnasiums to compensate for lack of normal body exercise. All these factors can add up and over time lead to some critical illness for which most individuals are not at all prepared. Being struck down by a critical illness can put a strain on the personal budget. Your health insurance will only cover certain medical expenses and would also have a cut-off limit. So how would one manage during a critical illness and the associated financial risk that comes with it? General insurance companies have realized the need to cover such exigencies and provide critical illness insurance that covers major illnesses with a lump sum compensation that fends towards treatment cost and other associated financial aids like to pay loans, EMIs, etc. If the total policy amount will be available for your use. At the time of taking out the insurance policy the insurance company will provide you with a list of specified critical illnesses which are covered under their plan. Payment will be made only if your medical problem falls within one of the illnesses mentioned in the said list. In years gone by we used to feel that it was mostly elders who needed critical illness insurance. But this is not the case anymore. Young people are now getting heart attacks, diseases such as cancer and diabetes, organ failure etc., all of which can become critical. Rather than be faced with mounting hospital and other medical bills which one is not at all prepared for, it would be wise to take out a medical insurance that will relieve you of at least financial worry at such times. People who are employed may feel protected by their company’s staff medical plan. But with the fast rising costs of medical treatment such coverage may not prove enough for critical illness treatment. Important to note is that the process for taking out a critical illness policy is simple – it has tax benefits, easy settlement and a lifetime renewal. Kirti Saxena is a web enthusiast and a writer for different areas including insurance and banking and numerous other sectors. For more information visit: Critical Illness Insurance and Claims Processing.
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