Can you add Critical Illness Cover to an existing policy?

It cannot be added to all Life Insurance schemes, but most of the policies allow the integration of the add-on. One should always communicate with one’s insurance provider to know if one’s current policy allows for the integration of such a provision. In case your policy does not allow such an addition, you have to switch to another plan that supports both protections.

Raj thought his Life Insurance Policy did not allow the addition of Critical Illness Coverage, but a simple phone call with the insurance provider established the fact that he could upgrade his policy. This addition brought great peace of mind to him, knowing that he had comprehensive coverage.

It actually does save you money. Combining these two different covers can mean you pay less than if you had to pay for two separate policies. This means that having just one policy is easier to manage and has lower administrative costs as well as the time spent on it.

Lucy found that by combining her Life Insurance with Critical Illness Coverage, she saved on monthly premiums and also reduced the hassle of managing multiple insurance documents and renewal dates.

The exact illnesses covered can differ from plan to provider but typically include major illnesses such as cancer, heart attack, stroke, and more. Be sure to look over the list of covered conditions as you discuss your policy options.

Sam was relieved to find that his Critical Illness Coverage included less common conditions, such as Parkinson’s Disease, which runs in his family. This gave him the confidence that he was insured against any future health issues.

Yes, there is a waiting period that has to be met before most Critical Illness Plans are initiated and coverage becomes effective. The period can differ but is typically around 90 days from the start of the policy. 

After including Critical Illness Cover on her policy, Mei was actually diagnosed with a critical illness just beyond the waiting period. Waiting was frustrating, but it meant that she was fully covered when she needed the financial support the most.

In many scenarios, yes, you can increase your sum assured, especially if the policy has some assured insurability options, which allow you to adjust your coverage with changing needs without a medical reexamination. 

Having recently been promoted, Derek felt he needed to upgrade his Critical Illness Cover to match his current lifestyle and new level of responsibility. That would provide him with confidence that his higher standard of living could continue even if he fell ill.

If you never claim on the critical illness part of your policy, it acts as a safety net. Depending on your policy type, you won’t get these premiums back, but they contribute to a benefit payable on death or policy term. Not once did Nora need to claim her Critical Illness Insurance, but for peace of mind over those years, she felt it was worth every cent, just as she felt about her homeowner’s insurance.

Picking the right level of Critical Illness Insurance Policy will typically hinge on your financial situation, the number of people who depend on you, and your health risk factors. Be sure to consider your regular expenses, potential medical costs, and the needs of your family if you become ill.

To know her exact Critical Illness Insurance, Emily gathered her financial statements and considered her family’s expenses and lifestyle. With a financial adviser’s help, she fixed a value that would keep her family afloat without her income in case she were to be diagnosed with a critical illness.

Yes, Critical Illness Coverage can often be added to both term and whole Life Insurance for a rider. It makes your ‘Life Insurance with critical illness’ plan flexible and enhances the Critical Illness Insurance Coverage to suit the duration of the policy you opt for.

Mark took the term Life Insurance Policy and combined it with Critical Illness Coverage. He didn’t want to compromise on Critical Illness Insurance Coverage during these critical earning years, and this gave him confidence that his family’s future was financially assured during the policy term.

For ‘Critical Illness Insurance Plans,’ claiming is generally done on medical proof in the form of diagnosed illnesses—one of the types of covered conditions under the policy. The process is very simple, but proper documentation is needed. 

When Anita was to file her claim under Critical Illness Insurance Coverage based on the diagnosis, it was really convenient for her because she had all the medical documents in place. The insurer helped her understand the process and put things in perspective.

A few policies make the provision for adding a child critical illness rider which allows covering the dependent children from the same policy. It might be an effective way of juggling your family’s health protection. When Sophie added a child rider to her critical illness plan, it just felt like the perfect idea; she felt like with that, the security cover for her children was also under the ‘Critical Illness Insurance Plans.’

Yes, the addition of Critical Illness Cover will raise your premium because you increase the risk that the insurance company has to cover. However, this increase is often far less expensive than it is to buy another, standalone Critical Illness Policy. 

Kartik noted that his premium had increased a bit, but the total cost was much more affordable and easy to handle when paying for two separate insurance policies.

It is important to know what, exactly, this Critical Illness Insurance cover pertains to, i.e. the specified illnesses, exclusions, the waiting period, and the terms of renewal of the policy. You should always read the fine print and get clarity for any kind of details that are not clear with the insurer.

That is something that Linda learned the hard way because her friend had been denied a claim through a technicality of one exclusion. Now, she makes sure she understands all the terms before making any decisions regarding insurance.

Critical Illness Insurance pairs well with health insurance as it provides a lump-sum amount that covers all expenses that may not be catered for by the health insurance, like lost income, travel expenses for treatment, or home modifications. To give you an example, Emily’s Critical Illness Insurance payment was used to help pay for home help while she was recovering, which made her life a lot better during a hard time.
These questions and insights on Critical Illness Insurance can help you understand the importance of integrating Critical Illness Insurance with your Life Insurance plan. Remember, it’s about more than just insurance; it’s about ensuring financial security and peace of mind for you and your loved ones.