Critical Illness Insurance – Why It’s Needed?

critical illness insurance

When thinking about insurance, many people don’t know the difference between the different types. They think regular Life Insurance is enough, but don’t know enough about the benefits of Critical Illness Insurance. Let’s take a look at a special type of insurance you can have along with your regular life insurance. It’s called Critical Illness Insurance.

What is Critical Illness Insurance?

Critical Illness Insurance is unique insurance easily adjusted to suit individual requirements and was designed to provide financial security in the case of a serious emergency, illness, or medical issues. It helps both the policyholder and family and is usually low cost.

Your family medical history, your health, age, sex, and extent of coverage, are taken into consideration when the insurance broker assists you in finding the right policy.

Critical Illness Insurance is a flexible policy because you can use the funds however you wish. The funds come in a lump sum, allowing financial situations to be handled right away. This insurance helps when you get ill and can’t work, eliminating the financial stress.

What Does Critical Illness Insurance Cover?

Critical Illness Insurance allows medical treatments and services not usually covered by other policies to be available. It covers the everyday living costs for those who are sick or healing so he or she can concentrate on getting better. This type of insurance also covers equipping vehicles to make them accessible, installing chair lifts in homes, and transportation costs to and from treatments and appointments. If childcare is needed, Critical Illness Insurance will cover that too.

In a Critical Illness Insurance policy, heart surgeries, organ transplants, heart attacks, and cancer are covered. However, you must look at your policy to see which cancers and chronic illnesses are included. Not all illnesses and cancers are included or covered. You can add to the policy, often costing a little more, but worth the coverage.

Often, there is a “minimum survival” clause that says a policyholder must live for a certain number of days after being diagnosed before the funds can be released.

Critical Illness Insurance allows the policyholder to be able to spend more time at home with family or take a much-needed vacation, which is important to those dealing with a terminal illness. If you are interested in getting Critical Illness Insurance alone or added to your current policy, contact your insurance broker today. You shouldn’t have to worry about anything but getting better when faced with an illness or medical issue.