What is Critical Illness Insurance?
Due to the advancement in today’s medical technology, we are more likely to survive a critical illness. This is why critical illness insurance is important for everyone. A critical illness plan pays you a benefit in the event you are diagnosed with a critical illness, such as cancer, heart attack and stroke. Some companies also cover other conditions that may include: renal failure, paralysis, coma, organ transplant, Alzheimer’s disease, just to name a few. This is a “living benefit” and it is meant to protect your savings and provide you with peace of mind.
A critical illness plan is different than a specific disease plan. A critical illness plan covers multiple conditions; specific disease plans cover only one disease, such as cancer or heart attack.
Some critical illness plans include life insurance and will pay a benefit when diagnosed with a critical illness, or upon death. There are many different plans available through several insurance companies.
Why Do I Need Critical Illness Coverage?
Even if you have the best health plan, it will not cover 100% of your medical expenses in the event you are diagnosed with a critical illness. Nearly two thirds of bankruptcies are the direct result of medical expenses and 78% of those filing already had health insurance!1 As stated earlier, due to the advancement in medical technology, we are more likely to survive a critical illness.
Peace of Mind
The benefit you receive from this insurance can be used to pay your monthly out-of-pocket expenses, such as the mortgage payment, deductible and coinsurance on your health plan, auto payment, etc. Having a critical illness plan will help protect your savings account if you are diagnosed with a critical illness. If you do not have to worry about depleting your savings account or wondering where the money is coming from to pay the bills, you are going to be able to focus on your treatments and recovery. Critical Illness insurance provides peace of mind.
This is the product of the future and the future is NOW! These plans are affordable, starting as low as $25 a month. Everyone can benefit from this insurance. It is a must for tobacco users!
1American Journal of Medicine – Medical Bankruptcy in the United States, 2007: Results of a National Study.