Critical Illness Insurance
Critical illness insurance pays a lump sum benefit when an insured person is diagnosed with a covered illness like cancer, heart attack and stroke. Because most people are unprepared for the onslaught of medical and non-medical expenses incurred by a traumatic illness, the purpose of Critical Illness insurance is to provide a lump-sum of money to the insured person at a time when finances may be strained. Best of all, the benefit may be used however it is needed for expenses like deductibles and copayments to mortgage and rent payments, in-home care, replacing lost wages from inability to work or even a vacation to recuperate following the illness.
With or without major medical coverage, surviving a major illness is only part of the battle. Paying for treatment along with all the other bills that don’t stop while a person is sick are another matter altogether.
Primary insurance alone doesn’t cover every expense, and with some medications that cost upwards of $10,000 a month, the copays alone can range into $1,000s of dollars. In addition to expected costs like copays and deductibles, there are the day-to-day living expenses like mortgage, rent, car payments, credit card bills and other monthly expenses that need to be met. And if a person is unable to work because of the illness, the loss of income could be potentially devastating. Critical illness insurance pays cash, lump sum benefit that can be used for all these things and more.
Just knowing that there is money available that can be used for any possible need is priceless to any person who has suffered a traumatic illness. Not having the worry over how to pay the bills is a great benefit to the recovery process. Critical illness insurance is insurance that provides relief for the living after the illness.
If you find yourself needing medical coverage and either can’t afford the current rates or you have missed the annual enrollment period, you should also consider short-term health insurance coverage, hospital indemnity coverage and accident treatment coverage.
Contact me to learn about insurance coverage that fits your needs and budget. There is no obligation and I am happy to research a wide-range of options for you.