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Critial Illness

Critical Illness Insurance Policies

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Financial Help for Critical Illness

No one likes to think about how a critical illness would affect their family, but it is a necessary consideration when planning your financial future. We all know medical expenses have sky rocketed. A critical illness can wipe out your savings in no time. One way to offset the threat of staggering medical bills is to carry Critical Illness Insurance.

A Critical Illness policy makes a lump sum payment (tax-free) to the policyholder in the event they are stricken by a critical illness covered by the policy. The lump sum payment may be applied toward co-pays, rehabilitation, mortgage payments, or any need of the policyholder. The payments have no stipulation on their use. Cancer, heart attack, and stroke are the illnesses most commonly covered, however polices may also be written to for illnesses such as Renal failure, Heart transplant, Coronary bypass surgery and others. Generally, the more illnesses covered by a policy, the higher its cost. Some policies have rules about survival periods, meaning the covered policyholder must survive a specified number of days passed the day of diagnosis for payment to be made. The number of survival days may affect the cost. Coverages, illnesses and method of payment can vary between policies so be sure to understand the structure of each policy.

Having a Critical Illness coverage is a way to offset the increased out-of-pocket expenses now commonplace with medical coverages. It is meant as a supplement to the typical medical coverage; but it is not meant to replace it. Employers have begun offering these types of policies as part of their employee benefit packages. Everyone can benefit from knowing financial help will be available should they become seriously ill. It is a way to protect your savings for your future and the future of your dependents.

The best way to prepare for the unexpected is through Critical Illness insurance. Should the need arise; give yourself the freedom to focus on returning to good health, not worrying about finances.




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