You buy house insurance to protect your home, auto insurance to cover your car, and life insurance to ensure your family and loved ones will be financially cared for after you’re gone. But what about protecting your ability to pay all the expenses associated with becoming seriously ill?
Unfortunately, most of us know someone who has been affected by cancer, heart attack, or stroke. Having enough money to see you and your family through the hard times is not always easy. Critical illness insurance is a type of protection that can provide you with a lump sum payment if you are diagnosed with a covered critical illness.
Being diagnosed with a critical illness is a stressful and emotional time. Financial stress is the last thing you need to deal with. The payout from critical illness coverage has no restrictions on how it is spent; you can use the money to help cover lost income, to pay for private care, medical equipment, or even a trip around the world.
Most policies offer coverage for the three common conditions; cancer, heart attack, or stroke. However, those aren’t necessarily the only illnesses this type of insurance would cover. Alzheimer’s disease, blindness, deafness, kidney failure, a major organ transplant, multiple sclerosis, and Parkinson’s disease are some other conditions that may be covered.
Another great benefit of critical illness insurance is that it offers a return of premium option in which insurance companies pay back some of the premiums at the end of the contract if the policy holder does not make a claim.
As with many other types of personal insurance, the younger you are, the less expensive the premiums. For example, $100,000 benefit with a full return of premium (at age 60) for a female age 30 might be around $35/month, and the same amount for a female age 50 would be $200/month.
Nobody wants to think about being sick. Having the right type and amount of insurance is the smartest way to be prepared for the unknown.
Kay and I can look at various options that are best suited to you, and shop the market for the best rates for you.
I am thankful everyday for the Critical Illness policy I have on my husband & I. If either of us had to claim we would be able to focus on getting better rather than the financial hardships it would cause. Terrific policy!