Critical illness turns out to be a drastically life-altering experience. You not only realize your own strength and weakness but also go through a lot of emotional and physical stress. It changes everything about your perspective towards life and people.
Other than the above mentioned the critical illness (i.e. HIV, Cancer) can also lead to financial problems. Given to expensive medical facilities and treatments, one can suffer huge financial crisis for running the normal household expenses.
Proper planning of finances is the key to save one from money troubles in such times. It is never too late to plan your finances for future. In order people who suffer from critical illness, the insurance companies have devised certain insurance policies.
Although some of these plans are expensive, depending on the state of the patient it is possible to get affordable life insurance when suffering from a critical illness.
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However, seniors, most of the time face major health issues and give up the interest of having a policy. But, it is obviously possible to get a policy even if you are over 70 years.
How to Get an Affordable Policy?
There are various factors that will decide the cost of the insurance policy for the buyer who suffers from a critical illness. If one considers these factors it will be easier for him or her to estimate the rate of their insurance policy.
The time period i.e. “for how long have you been suffering”
The companies certainly would ask you the seriousness of your illness and the time period since when you would have diagnosed the illness first. It helps them to know the graveness of the issue and how much effect it must have caused on the emotional and physical health of the patient.
Note: Read our awesome guide to stay healthy.
The stage of the illness
If one is a cautious patient and has detected the critical illness in its early stages, it is better to chalk out a plan for the treatment immediately. It will help you to manage your finances as well as in availing an affordable life insurance too.
Most of the critical illness can be treated successfully if detected in the primary stage. It reduces the risk of insurance companies too and they are more than willing to offer you their policies at most optimum rates.
The treatment
Insurance companies will ascertain that you are disciplined about your treatment regimes. They may ask you to present the reports of your ongoing medical treatment. This also helps them to know how much money will be needed by the patient for the treatment of their illness.
These are some of the factors that will affect the price of life insurance policy for those who are suffering from critical illness.
Keep in mind the following points to help you in getting lower quotes for insurance policies
Be transparent with the insurance companies
At times people try to hide the facts from the companies to reduce the cost of policies. However, the companies have their own methods to find out the details of their customers. If they find you fraudulent it may affect your reputation as a loyal and sincere customer.
Be particular about your treatment
Never miss your appointments with the doctor and be very specific about your treatment. Not only will it help you to get into better health sooner but also helps you in attaining affordable life insurance policy.
Consider and compare quotes from various companies
The insurance companies have their different policies and plans. If you will take quotes from different companies you will be able to assess the coverage points and their utility in your case. Also, this will help you in negotiating with the companies by showing them a comparative analysis of their competitors’ plans and offers.
The insurance companies have their different policies and plans. If you will take quotes from different companies you will be able to assess the coverage points and their utility in your case. Also, this will help you in negotiating with the companies by showing them a comparative analysis of their competitors’ plans and offers.