With the increasing prevalence of life-threatening diseases, having critical illness insurance is more important than ever. A critical illness policy provides a lump-sum payment if you are diagnosed with a covered illness, which can help you cover medical expenses, lost income, and other costs associated with the illness.
There are two ways to get critical illness insurance:
Standalone critical illness policy: This is a policy that is specifically designed to cover critical illnesses. You can purchase a standalone policy on its own, or you can add it as a rider to your existing health insurance policy.
Critical illness rider: This is an add-on that you can purchase along with your health insurance policy. It provides additional coverage for critical illnesses, but the coverage amount is typically lower than the coverage amount of a standalone policy.
Which one is right for you?
The best option for you depends on your individual needs and budget. If you want the highest possible coverage and don't mind paying a higher premium, then a standalone critical illness policy is the better choice. If you're on a tighter budget, or if you're already happy with the coverage you have under your health insurance policy, then a critical illness rider may be a good option for you.
Here are some additional things to consider when choosing between a standalone critical illness policy and a critical illness rider:
Your health: If you have any pre-existing medical conditions, it may be difficult or expensive to get a standalone critical illness policy. A critical illness rider may be a more affordable option.
Your budget: Standalone critical illness policies are typically more expensive than critical illness riders. However, they also offer higher coverage amounts.
Your needs: If you want the highest possible coverage and don't mind paying a higher premium, then a standalone critical illness policy is the better choice. If you're on a tighter budget, or if you're already happy with the coverage you have under your health insurance policy, then a critical illness rider may be a good option for you.
Conclusion
There is no one-size-fits-all answer to the question of whether a standalone critical illness policy or a critical illness rider is better. The best option for you depends on your individual needs and budget. It is important to compare different policies and riders before making a decision. You can also consult with an insurance advisor to get personalized advice.