Beef up Your Coverage: Increase and Extend Your Critical Illness Insurance When You Can Afford It
When we are young and healthy, the thought of getting sick (much less being diagnosed with a critical illness) is so far away, even unthinkable. But as we age, we slowly come into terms with the possibility that we may be at risk of being diagnosed with a critical illness. And when this idea sets in, you may think about extending or increasing your existing critical illness insurance.
Also, there are milestones in our lives when we are more able to afford additional cover or that we feel an even greater need for additional cover. For instance, you were promoted and can now afford to pay additional premiums. Or, if you have gotten married or have children, then you can also think not just about increasing coverage, but also about providing coverage for your spouse and children.
Yes, getting additional critical illness cover may be a more attractive prospect later on.
Thus, you want to be able to keep your options open – you can do this by getting a critical illness insurance policy that provides a renewable option. With a renewable option, you may be able to increase your coverage.
Increasing Your Coverage
The renewable option enables you to get additional critical illness cover. In some cases, you may do this if your existing critical illness policy has been issued on standard terms. Usually, you can increase cover even without having to present medical evidence that shows you are currently healthy and don’t have medical conditions that may cause the denial of the additional insurance. All you need to do is to notify your insurance company about your plan to increase or extend coverage.
Please note that you cannot just arbitrarily increase your coverage. There are conditions to the additional coverage, as well as maximum limits. The additional coverage may also be subject to a new waiting period. If you are diagnosed with a critical illness during the waiting period, the insurance company will only pay based on the previous face amount.
Other Considerations
Now, if you got a policy that is non-renewable, you don’t have the ability to increase your cover with your existing policy. Nowadays, insurance companies are offering more of the non-renewable policies instead of the policies with renewable options.
One way you can explore is getting a new critical illness policy altogether. Of course, if you get a new critical illness policy at a later date, you may have to pay higher premiums.
There is also the possibility that your application will be denied, particularly if you already have a medical condition that can result in your having a critical illness.
Recommended useful information to read:
- Are you at risk? Critical Illnesses you may be susceptible to
- Things to consider before getting a critical illness insurance policy
- What you should know about Your Critical Illness Cover: The exclusions to your policy
- Save Up on Premiums: factors that affect Your Critical Illness Insurance premiums
- Dos and Don’ts When Making Critical Illness Insurance Claims
