Critical illness insurance
I am looking for critical illness insurance with SI of 60 lacs for myself & my wife. (i am 53 years old & my wife is 49 years old. My wife is diabetic. I don't have any chronic illness).
However, while exploring policy options, I felt that premiums are very high, in the range of 3% to 4% of SI per year. So, I have following queries:
1) Is it advisable to pay premium of 3%-4% of SI per annum for critical illness policy?
2) Are there any other ways (other than having my own medical expenses fund) to cover such expenses?
3) I am particularly concerned about any critical illness which requires full time nursing assistance at home for long period of time, for example, in case of paralysis. According to my understanding, such expenses are not covered under normal health insurance policies & need to be met from lump sum of critical illness policy. Is it correct understanding?
Appreciate your help & guidance.