Many of us know how difficult it is when you are caught off guard with a serious medical condition. They range from a sudden stroke to heart disease or even in truly onerous cases, cancer.
Critical Illness Insurance is an insurance policy that pays out if the policyholder is diagnosed with such conditions.
As safeguarding as that may sound, one of the troubles of Critical Illness Insurance is understanding the various ways you can have this money paid out in a case where it’s needed. Let’s take a look at them:
1. It can pay out-of-pocket expenses
This is the most easily perceived use for Critical Illness Insurance. Many agree this is especially due to the rising cost of Health plans.
“No matter how you may need to use the money, one thing is certain: Critical Illness Insurance reduces financial stress.”
2. The assistance of Income Protection
Following on from the expenses mentioned above, what about your personal income? Cancer treatment patients can take days to recover after chemo. Even when you do try your best to go back to work as soon as possible, you can still not miss enough days from work to meet an elimination period, required in an Income-Protection plan for example.
3. Modify car or home
Depending on your age, you could be much more likely to suffer a critical illness while paying a mortgage than to pass away.
Think about it; “Would it reduce your financial stress if you are diagnosed with cancer to know your mortgage will be paid in a set number of years?”
Then in other cases you might need to retrofit things around your home like a wheelchair ramp, wider doorways for the wheelchair and support handles in your bathroom. These cost money that is hard to bring together in a moment like this.
No matter how you may need to use the money, one thing is certain: Critical Illness Insurance reduces financial stress. If you’d like to know more about this crucial coverage contact me, Anthony Paul, to get the best advice for you.