There are numerous insurance policies from you to choose from. From the serious to the not-so-serious, it can get extremely confusing trying to determine which policies work best for both your personal and professional life. One type of insurance that has been found to be extremely important is Critical Illness Insurance.
Critical illness Insurance is a policy that provides financial protection to individuals and may be purchased in conjunction with/in addition to life insurance. On a very basic level, Critical Illness Insurance allows a cash payment to be made to the policyholder in the event they are diagnosed with a specific illness – which is usually on a pre-determined list within the policy. The terms are defined within the policy and include specific rules regarding the diagnosis of a critical illness and any specific medical tests required to ensure validity.
The Critical illnesses covered within the policy varies between insurance companies. When Critical Illness Insurance was first offered, only four conditions were originally covered – heart attack, cancer, stroke and coronary artery by-pass surgery. Now other conditions that might be covered include: Alzheimer’s disease, blindness, kidney failure, organ transplant, multiple sclerosis, Parkinson’s disease, paralysis of limb, heart attack, cancer, and stroke. Again, the list of covered Critical Illness will be determined by the insurance company.
The cash payment from the insurance company to the policyholder can be used for paying for treatment, doctor visits, medication, medical supplies, bills, lost income, required change in lifestyle, financial protection for dependents, repayment of mortgage and additional items the policyholder bear as a financial burden due to a critical illness event.
So what happens if you or a loved one suffers from a heart attack this year? A stroke? Any other Critical Illness? Often times tis medical issues happened without any notice or symptoms – meaning you are unprepared for the situation and unprepared for the aftermath. Major medical insurance covers most of the fees involved, but not all. How will you cover the costs leftover from an unexpected medical event? Can you afford the out-of-pocket expenses? Wouldn’t it be relief to know that you could receive a CASH payment from your insurance company that will provide you with all the assistance you require?
Critical Illness Insurance offers a significant level of protection – protection that you can’t afford to live without.