Critical Illness Insurance
What is Critical Illness Insurance?
If you were to have experienced a major illness such in the past- such as a heart attack, cancer or stroke – the probability of you surviving were much lower than they are today. The advancement of medicine has made the it much more likely that someone will survive these types of diseases.
While life insurance pays a death benefit when an insured passes away, critical illness insurance provides a lump sum cash benefit to help an individual, their family or a business deal with the financial affects a serious disease can bring. These cash benefits can be used for anything the beneficiary would like to do. They can be used to pay for medical expenses, pay bills or even take a dream vacation if that is what the beneficiary wishes.
Critical illness can be purchased as a standalone policy and has increasingly been offered as an addition to both permanent and term life insurance policies. Critical illness insurance is an important coverage that you should consider owning. It has the ability to provide the money you will need so you can focus on your medical treatment and not the headache of worrying about your finances.
Who Needs Critical Illness Insurance?
With Critical Illness Insurance, families may have peace of mind knowing they’ve done the right thing to keep the house running as smoothly as possible if a member suffers from a heart attack, stroke or cancer.
Those with High Deductible Health Plans
High deductible health insurance plans are significantly less expensive than one with a lower deductible. A Critical illness policy as part of a comprehensive health care can be a less expensive solution to keep health care costs in check.
Small Business Owner
The cash provided by a critical illness policy can help a business stay in business if the owner or a key-employee suffers from a heart attack, cancer or stroke.