Should You Get Critical Illness Cover If You Have Diabetes?

Posted on: Sep 17, 2024 | 3 mins | Written by: HDFC ERGO Team

Should You Get Critical Illness Cover If You Have Diabetes?

If you have diabetes, you might already know what it takes to maintain your health. Regular monitoring, making lifestyle changes, and maybe even being on medication are part of keeping the condition at bay. However, the impact of diabetes does not stop there; it makes you more susceptible to serious health conditions, which is why considering critical illness insurance coverage could be a wise decision.

A Few Factors to Consider When Taking Critical illness insurance Cover for Diabetes:

If you have diabetes, whether or not you should buy critical illness insurance is a crucial decision regarding your future financial security. Here are a few reasons why obtaining a critical illness cover is considered:

1. Protection from Diabetes-Related Complications:

Diabetes is not the only concern when it comes to blood sugar levels. It also creates severe complications coming under the ambit of critical illnesses. Heart disease, kidney failure, and stroke are more common in people suffering from diabetes. Now, imagine the financial burden these illnesses would bring in. For this reason, a critical illness insurance policy would be able to provide you immediately with a lump-sum payment upon diagnosis, affording you financial resources when you most need them. Ultimately, this allows you the time you need to get better rather than worrying about how you'll pay for treatment.

2. Financial Security of You & Your Family:

If you have diabetes, the risk of acquiring a critical illness is much higher. This is something which insurers are more familiar with, and it's why they attach a high chance of those illnesses to diabetic patients. Now, it doesn't mean that you should live in fear; it means that perhaps you will want to consider the future. What if you have some critical illness and cannot work? Will your family cope with the financial burden? Diabetes and Critical illness cover can provide a financial safety net when you cannot work.

3. Complementing Your Health insurance:

You may already have health insurance, which is great, as it would cover your hospitalisation expenses, doctors' consultations, and medicines. But what if you are diagnosed with a critical illness that requires long-term treatment or a significant alteration in your lifestyle? That is where critical illness insurance steps in. It complements your health insurance with additional coverage beyond just hospital bills. Put differently, a lump sum from critical illness insurance may help cover your cost of living and your mortgage or employ someone to help you at home when you are off of work recovering.

4. Peace of mind knowing you're covered:

Living with diabetes means you're already taking steps to manage your health, but no one can predict what's around the corner. The knowledge that you have diabetes and critical illness cover for protection if something does happen, and you won’t have to struggle and scrape to make ends meet, is peace of mind. It's about being prepared and knowing you've done everything you can to protect yourself and the people you love.

5. Improving Your Long-Term Financial Planning:

Healthcare in India is becoming increasingly expensive; so are most chronic diseases, like diabetes. By including critical illness insurance in your financial planning, you are safeguarding your future proactively. It's not only about paying the immediate costs of treatment but also finding resources for maintaining quality of life over the long term. You can choose from an economical cover to a sizeable sum insured, thereby making your policy relevant to your requirements and budget.

6. Flexibility in Handling Your Finances:

Critical illness insurance largely provides the flexibility that regular health insurance often does not. The lump sum that one receives can be used as one sees fit. That might be to cover treatments not covered under one's health insurance, to make necessary modifications to one's home, or even to take some time off work to recover. This flexibility is immensely critical when considering the unforeseen nature of critical illnesses.

How Does Diabetes Affects Your Critical Illness Cover?

You might be wondering whether or not your status with diabetes will make you eligible for critical illness insurance. Of course, insurance companies consider diabetes to be a pre-existing condition, which, in turn, affects your policy. That doesn't mean you can't be covered, though. This means that you could be required to have a more thorough medical examination, and your premiums may be higher.

But do not let that put you off because the peace of mind and financial security that come with having critical illness cover outweigh these considerations. Some insurance companies may also exclude some of the diabetes-related illnesses, such as renal failure or stroke, from your critical illness insurance coverage. This is something you will want to discuss with your insurance provider. Even considering these exclusions, a critical illness cover can still provide some worthwhile protection.

Conclusion

Critical illness insurance is an added value to your financial planning, more so when you are a person with diabetes. It rounds up the missing parts in your regular health insurance and provides the replacement income needed to cover your critical health event. So, if you’re thinking about your long-term health and financial security, it’s worth considering a critical illness cover.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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