​For anyone, diagnosis of a critical illness is like a major life turner. Such an occurrence in any family has far reaching consequences; because a critical illness has the potential to breakdown one's morale completely. In addition, it can wipeout one's savings in a big way. At the time, when the cost of living, medical expenses are sky rocketing, critical illness insurance is considered as the most effective solution to fight against a critical illness.

What is Critical Illness Insurance?
Critical illness insurance is a kind of health insurance policy which provides a lump-sum benefit on diagnosis of listed Critical Illnesses or Surgical Procedures. Today with over 20 companies offering critical illness insurance, it is very important to understand the features of the policy that you choose.

Here are five critical factors that you need to look into before buying critical illness insurance:

List of all critical illness insurance coverages included in your policy: Different companies offer risk coverage towards different critical illnesses. Some company may offer critical illness coverage towards 20 such diagnosis while some may cover only eight.

List of critical illnesses not included in your policy: True it is important to know the things included in your policy, but at the same time, it is equally essential to take a note of things not covered under the policy. Therefore, to understand the exclusions of the policy, as a thumb rule read through the policy details carefully.

Understand the procedure of filing claim: A claim process is important for any insurance policy. So is the case with critical illness insurance policy. Thus, do learn well in advance about the formalities and documents you would require to file a claim.

Benefits you would get at the time of renewal: Critical illness insurance needs to be renewed every year. Therefore, before buying any particular critical illness insurance make it a point to find out about the renewal benefits you would get from your insurer for the year you haven't filed any claim.

Age of coverage: Before buying the policy find out till what maximum age will the policy cover critical illness.

Some other factors that one should look for before buying a critical illness insurance are hospital network, claim settlement history etc. To know about critical illness insurance pros and cons, it is vital for you to understand the coverages, exclusions and other factors of such a policy. It is true that no one wants to be diagnosed with any kind of critical illness, but then uncertainty is never invited.

Therefore, while you are looking for critical illness insurance coverage to protect your future, only a good comparative study and research would fetch you the best suitable policy for you and/or your family member. In case of critical illness, cost should never be the prime factor to make a call.