Terminal Illness vs Critical Illness
- What is the meaning?
- How to protect yourself?
- A comparative study
A human life is a journey along a curved road with so many twists and turns that can take us to several unexpected destinations. While moving along this road, we encounter multiple signposts, each signifies a unique phase of life. Right?
Now Imagine, encountering two distinct signposts that mark pivotal moments of our life; one says “terminal illness” and the other says “critical illness.” Both these paths come up with their odds, you need to be prepared for both at a period.
In our lives, these conditions can drain our whole lifetime savings and motivation. Let us understand terminal illness vs. critical illness thoroughly and how you should protect yourself.
Terminal illness refers to a condition in which life expectancy is limited to a short period, such as organ failure, advanced-stage cancer, etc.
Meanwhile, critical illness refers to severe health conditions that are debilitating, such as heart attack, stroke, major surgeries, etc. Critical Illness often requires extensive medical care and treatment. Unlike terminal illness, critical illness does not lead to imminent death but can impact the quality of life.
Only a better lifestyle can protect you from these illnesses. Also, you can get insured with terminal illness coverage and critical illness cover. Choosing better health insurance can give an abundance of benefits to you and your loved ones. You can even do that by analyzing your family history. If someone in your blood line has some critical illness, then you should go for critical illness cover and if there is someone with major health issues like cancer, then you should go for terminal illness insurance. Read below to get more understanding of terminal illness vs. critical illness insurance.
| Base | Critical Illness Insurance | Terminal Illness Insurance |
|---|---|---|
| Coverage | Covers major illnesses that can be cured in the long run such as heart attack, stroke, cancer, organ transplant, kidney failure, and certain types of paralysis. Insured can use them for covering medical costs, modifying the living space for accessibility, or even taking time off work to focus on health. | Allows access to a portion of life insurance benefits if a person is diagnosed with a terminal illness and has a life expectancy of typically six or twelve months. Provides financial support during the final months, and helps to cover medical expenses, hospital care, and other end-of-life costs. |
| Claim Availability | If diagnosed with any critical illness, irrespective of life expectancy the insured can claim the refund without being hospitalized. | If diagnosed with any terminal illness, and the life expectancy is 12 months, the insured can claim the benefits. |
| Sum Amount Assured | The insured can avail of a one-time lump sum amount when it is required. | The insured receives up to 25% of the sum assured amount and the remaining amount will be paid as a one-time lump sum benefit to the nominee after the demise of the insured. |
| Benefit | The insured will get financial benefits when there is the highest need and it can be utilized as per the requirements. | The family members will avail the benefits after the demise of the policyholder. If the case is below 12 months life expectancy, the insured will get 25% of the sum assured for medical treatment. |
Terminal illness cover and critical illness cover are the two very important types of health insurance as they provide financial protection as well as support during crucial times of life.
Read below to get know about the importance of the coverage:
Opting for terminal illness coverage can be a wise decision for individuals-
Opting for critical illness coverage can be a wise decision for individuals-
Nowadays, health uncertainties can impact our lives at any moment. To deal with this, both terminal illness coverage and critical illness coverage play a crucial role in safeguarding our financial health.
They make an individual strong enough to face life challenges with confidence and allow them to focus on recovery, family well-being, and quality of life.
Though we cannot predict the future, the right insurance cover ensures that we should be prepared for the twists and turns that life may bring and you will be able to safeguard your family like a pro.
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An explorer and a curious person, Simran has worked in the field of insurance for more than 3 years. Traveling and writing is her only passion and hobby. Her main agenda is to transform insurance information into a piece that is easy to understand and solves the reader’s query seamlessly.
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