Medical insurance- your saviour during critical illness.

Imagine a distress call while you are at your office that one of your loved one has been diagnosed with a critical illness. The uncertainty, the pain that one goes through after being confronted with such realities knows no bounds. Such emotions are hard to express, much tougher to quantify. In all this, the thought of getting your loved one the best treatment possible dominate your thought process and rightly so, nothing below the best counts under such situation. But there is always one constraint- no matter how much we would like to get around it- Money.

Money required for treatment of critical illness is usually large as it not only requires special care but also calls for treatment at the hands of the specialists. But what about those with modest means, how would they sustain a barrage of expenditure. The answer is simply-medical insurance. The saviour for all in the time of need, a medical insurance policy is that one thing which can save your day.

Mind you, all medical policies do not have provisions for treatment of critical illness therefore you must specifically have a critical illness policy. A policy that will pay for your hospitalization charges, ambulance charges, medical test charges, doctors fee and above all has a good network of associated hospital as during such time it becomes such a pain to find hospitals that are within the network of your medical insurance policy. Cashless hospitalization is a major boon for those who are short on liquidity. Nothing gives more sense of confidence under testing times then to have something to fall back on. Medical insurance is that thing which provides the cushions and therefore one must make it a point to have adequate medical insurance to safeguard yourself and your family members from sudden trauma of critical illness.

Contingent beneficiary: the individual named to receive the benefits in case the designated beneficiary is not alive. They are also called as secondary or tertiary beneficiary.

Binder: a provisional insurance policy with a limited validity, applicable only up till the permanent policy document is written. It is provided during the time period in which the paperwork of the policy is being done.

Accidental death benefit rider: an insurance policy rider that provides additional cash benefit payment over and above the base amount of the policy if the death of the insured is caused due to an accident.

Accidental benefit rider: an insurance policy rider that has provisions for early payment of specific sum from the policy’s base amount if the insured suffer from injury or terminal illness.

Contestable clause: a policy provision that puts the condition, during that period and under specified condition the insurance provider may void the policy or contest it. After the lapsing of that time period the policy is incontestable. Typically this period is of two years, example- suicide.