7 Benefits of Critical Illness Insurance You Didn’t Know
Do you know?
Your chances of being afflicted with one of the many critical illnesses out there are fairly high. If you end up having to pay hundreds of thousands of dollars in medical bills on your own, it could mean financial disaster – but if you have critical illness insurance, you can recoup some of that money and alleviate the stress caused by such a terrible situation while you focus solely on recovery.
If you’re not familiar with this type of insurance, here are seven benefits that critical illness insurance provides.
1) Can Cover Costly Treatments
A critical illness insurance policy can help cover the costs of expensive treatments, such as chemotherapies for cancer. It can also help pay for other costs associated with a serious illness, such as lost wages and child care.
2) Can be used to pay for financial liabilities during recovery
One of the most common things people use critical illness insurance for is to pay off financial liabilities during recovery. This type of insurance can help you pay off your mortgage, car loans, and credit card debt while you are on your road to recovery.
It can also help you pay for your child’s education or your own retirement.
3) Reduces Stress
Critical illness insurance can give you peace of mind and reduce stress. It can provide a safety net financially, so you can focus on getting better. It can also help cover the costs of treatment, travel, and missed work. And if you have to stop working altogether, it can provide income replacement. Plus, it can help pay for childcare or other expenses while you’re recovering.
4) Provides Immediate Financial Security
Imagine being diagnosed with a critical illness. Not only do you have to worry about your health, but you also have to worry about how you’re going to pay for treatment. This is where critical illness insurance comes in.
It provides you with a lump sum of cash that can be used to cover the cost of treatment, lost income, and other expenses. This financial security can be a lifesaver during a difficult time.
5) Better Coordination with Health Insurance
Critical illness insurance can provide better coordination with health insurance by filling in the gaps that health insurance may leave.
For example, critical illness insurance can help pay for out-of-pocket expenses, travel costs, and lost wages. Additionally, critical illness insurance can provide a lump sum benefit that can be used however you see fit. This type of coverage can be especially helpful if you have a high deductible health plan.
6) Good for Any Age
It’s never too early or too late to start thinking about your health. And while you may feel invincible now, the truth is that no one is immune to illness – especially when critical illnesses like cancer and heart diseases are becoming so common.
That’s where critical illness insurance comes in. This type of insurance can provide coverage at any age, making it a good option for people of all ages.
7) Simplifies Planning
Most people don’t like to think about what would happen if they got sick, but it’s important to have a plan in place in case the worst happens. Critical illness insurance can become an integral part of your financial plan by providing a safety net in case you become ill.
Let’s talk about Critical Illness Insurance
You can purchase critical illness insurance as a rider to your existing life insurance policy or as an individual plan on its own. Know which option is the best fit for you. Talk to our advisors for a critical illness insurance quote today!