Critical Illness Insurance
If you were suddenly stricken by an illness or physical disability, recovery will be the least of your worries. If the condition is severe enough, you will probably have reduced income or completely lose your job. This will be a struggle, because aside from paying for your hospital bills and medications, you will have to keep on paying for your living expenses and other obligations.
Advancements in medicine and technology have brought longevity and have increased quality of life. Diseases are now being treated more successfully and chances of survival have improved greatly. Despite it all, we advise you not to take any chances on your health. Sickness can affect anyone, including you, and it’s better to be ready now than be sorry in the future. Critical Illness Insurance can provide you the security that you need.
With life’s uncertainties, many types of insurance have been designed to offer protection against the misfortunes that could strike every individual. Critical illness is one that aims to tackle financial difficulties brought about by a serious illness that renders one incapable of work and earning substantial income to support basic living expenses.
Critical illness is an insurance policy that is designed to pay out a “lump sum” payment if you have been diagnosed with one of the serious and usually lifelong illnesses specified in your policy. Critical insurance can help you claim money which you may use for various purposes, such as mortgage/rent payments, medical expenses, debts, transportation costs, and daily expenses.
You can obtain critical illness insurance as a standalone purchase or in combination with your life insurance or family income benefit policy. Whether you already have life insurance and other insurances or are planning to get one, we can help you find the right type of critical illness package.
Who Needs Critical Illness Coverage?
No one is exempt from getting sick or disabled, and so critical illness insurance is something that people from all walks of life can benefit from. Particularly if you do not have enough savings to cover for your needs in case you get seriously ill, or if you do not have adequate benefits package sponsored by your employer.
Regardless if you have the above, however, you may still want to get critical illness insurance for added protection. If you just want to ease your worries about what the future may bring, and ensure that you and your family will not struggle whatever happens to you, you might want to consider getting critical illness insurance.
How it Works?
Critical illness insurance pays out if you suffer from an illness or condition that is specified in your policy. You will be able to claim a lump sum payment which you can use to support your living expenses, pay off debts, mortgage, fix your home and pay for an alternate transportation cost if you became disabled, pay for your treatment, and even pay for vacation or any recreational needs while you are recuperating.
Typically, you will be covered for serious and usually long-term diseases such as stroke, Multiple Sclerosis, Parkinson’s Disease, and certain types of cancer. You have to note that not all illnesses are covered, and you will not be able to make a claim for diseases that you already have.
Different providers also have different terms, and not all can offer the type of cover that you need. In this case, you need someone who can help you decide the most appropriate policy for your specific situation.