A Critical Illness Insurance is a kind of insurance policy in which a person is insured for certain diseases and surgical procedures which are considered to be critical and very costly. The critical diseases like cancer, AIDS, kidney failure, organ transplant, blindness etc are some of the critical diseases which can ruin your finances. Usually, particular diseases for which a person is covered and other terms and conditions are defined in the insurance policy agreement.
Critical diseases usually come unexpected, sudden and without warning. Treatment may need to be started immediately. Critical diseases are costly to treat, financially draining and may put you in huge debt. A person under Critical Illness cover can escape financial draining due to critical diseases and can get proper treatment if the disease is curable or at least die in peace and least possible pain if the disease is incurable.
It is very important that you read insurance policy agreement of different critical illness insurance companies before buying one. You should know which illnesses, these policies cover and what does the agreements say regarding the illnesses which are unknown to human beings now but may become major illnesses after, may be, 20 years. The reason is these policies are bought for long term and some diseases which are considered critical now may become easily curable and cheap to treat in the future, whereas some new diseases might start being considered as major illnesses in the future. You would want to be insured for such diseases too.