Family History of Illness| Jan072011
Family History of Illness and Critical Illness Insurance
Every time you go to the doctor, they ask for your family’s medical history as part of the initial paperwork. They do this so that they can monitor and assess your risk for those conditions for the duration of your medical care. Many people have a family history of some sort of medical condition. Cancer, diabetes, heart problems, and Alzheimer’s are the most common. Chances are that you are one of the many that have a higher risk of acquiring one of those medical conditions because of your family’s medical history. It is important to keep in mind that these health problems often result in critical care at some point.
Contrary to popular belief, health insurance may not cover all of the costs incurred from critical care. Not only do you have the cost of the insurance premium itself, you also have the cost of the deductible and any co-insurance for which you are responsible. What would you do if you needed a medical treatment that your insurance does not cover? Now, consider all the financial woes you would face. Could you afford to be out of work? Do you have enough savings to cover all your monthly bills and daily living expenses for a few months? If you have disability insurance, you might think that will help you. It might, but you may have to wait a few months or up to a year for a payout. Will your life insurance help you? Maybe. If you’ve paid into it long enough, you can borrow against the policy. After answering these questions, are you confident that you and your family are completely covered in the event of a critical illness?
Critical illness insurance protects you if you are diagnosed with a critical illness. Since you have a family history of an illness that could become critical, this type of insurance is important for you to consider seriously. How does critical illness insurance work? After you are diagnosed with a critical illness, you receive a lump sum payment. This lump sum can be used to cover deductibles and co-insurance, lost income, and anything else you need while you are in recovery. As you consider critical illness insurance, you need to think about how much coverage you would need. Insurance is a wonderful asset, but you must be sure to insure yourself with an adequate amount so that you can cover everything you will need.
You have more than enough stress in your life—providing food and shelter, paying for your car payment and any other debts, and caring for your health. Of course, you care about your family and you would never want them to go without. All the while, your family medical history sits on the back burner of you mind. Do not leave it on the back burner. Move it to the forefront and take action. You can secure your family’s financial future and your physical well-being by preparing now. Critical illness insurance is very affordable and is sure to fit into your budget. Let your doctor do all the worrying so you can enjoy your life today.