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Critical Illness Insurances

Majority of people these days, get life insurance to make sure that their loved ones will be financially secured if they pass on. What most people fail to realize is that they are also likely to encounter financial burdens well before that time. If they survive but remain seriously ill, to continue providing income for their household, and survive financially is essential. Plus, if you do not pass on but survive as many advancements are making now possible, you’ll need that money to not lose everything you’ve worked so hard to acquire. If you don’t have anything…even more reason to run to get coverage.

Even if you have health insurance, you may still suffer tremendous financial burdens from a critical illness because most traditional health insurance policies today require the insured to shoulder some of the costs of medical and health care. From deductibles and co-payments to coinsurance and uncovered treatments, the out-of-pocket expenses can quickly build up.

In addition, a critical illness often means that you’re unable to go to work and earn a living. That may be okay for short-term illnesses, but how about critical illnesses that require long recovery periods? How will you pay your mortgage loans, utilities and property taxes, not to mention your children’s education needs, groceries and regular living expenses?

While it is indeed true that life insurance is affordable and a smart thing to have, it’s also important to realize that nearly 20% of all American adults will suffer a critical illness before they turn 65. With life expectancies ever increasing, Americans today are just as likely to suffer from and survive a critical illness as to die before their 65th birthday.

Critical illness insurance, formerly known as dread disease coverage, pays out to policyholders if he or she survives after being diagnosed with a critical illness. The insurance payments may be in one lump sum payment made directly to the insured.

The covered illnesses could range from cancer, cardiac problems, sclerosis, stroke, to organ transplants paralysis, loss of limbs and more. Unlike health insurance, the payments from critical care insurance can be used for anything that insured wants. You can use it for out-of-pocket medical expenses. But you can also use it pay your bills and living expenses, which can come in handy if a critical illness forces you to stop working.

If you were Diagnosed, What would You Do ?

Ask yourself this…”If I were diagnosed tomorrow, am i prepared to take it on financially or would I not have a chance?”

People usually get critical illness coverage around their late 30s and through their 40s, because those are the times when the cost of a critical illness tends to be at their highest. This is especially true if you have a family and mortgage loan to look after.

The healthier the person, the lower their monthly premiums will be. But critical illness insurance may still be available for individuals with certain pre-existing conditions. As long as the disease or illness has been treated and is in remission, you may still be able to obtain critical illness coverage.

The premium can either be guaranteed, which are fixed, or reviewable, which has a possibility to increase once in a while. Reviewable rates are initially cheaper, but guaranteed rates will remain the same, and could be cheaper in the long run. Customers can select their preferred type in order to suit their particular needs.

You can get critical illness cover with a life cover, and there are actually health policies that include both covers as default. It is important to check your existing coverage before you get a new policy. This is because some policies, although sure to pay out if you get diagnosed with a critical disease, might not pay for you if it happens in the final year of the term.

You must also consider whether the policy that you are about to get will suit you and your family. There are some policies that readily include children’s critical illness cover, while some could choose to have a cover for their spouse. There are also some that offer overseas cover if you are looking forward to retire to another country. This makes critical illness cover a good way of providing security for you and your loved ones.

Finding the right insurance plans to help your family handle medical emergencies and prepare for the future can be difficult and confusing. The good news is that you’re not alone. At Critical illness Policies, we can help you explore your best options and tailor a plan to meet your needs. Call us now at 1-561-210-5822 and speak to our experienced and helpful agents to get the answers you deserve.