Critical Illness Coverage Made Easy

Critical Illness Coverage Made Easy

Have you considered the financial implications of a major illness? What would happen to you and your family if you were to suffer a heart attack or stroke today? How about a cancer diagnosis? With about half of all U.S. adults dealing with one or more chronic health conditions, critical illness coverage is something we should all consider.

Even if you are a picture of health, the odds of being diagnosed with a serious illness at some point in your life are pretty high. About a quarter of today’s 25-year-olds will have a critical illness (cancer, heart attack, and stroke are the three big ones) before turning 65. That number balloons to closer to 50 percent if you’re a smoker.

The big question is, then, are you financially prepared for a medical emergency? Even with some measure of health insurance, most folks are not. Take for example the fact the average cost of a heart attack is north of $27,000. Do you have enough in savings to afford that?

Critical illness coverage can help defray these huge expenses and provide cash when you need it most.

What Makes Critical Illness Coverage Unique

Unlike disability insurance, which provides regular payments (subject to tax) when you’re unable to work, critical illness insurance provides a one-time, tax-free cash payout in the event you survive an illness covered by your policy. Critical insurance coverage can plug the gaps in your health insurance and complement whatever disability insurance you might have. Another difference between the two types of coverage is that with critical illness insurance, you don’t need to produce ongoing proof of loss of income.

Even if you have “great” health insurance, the financial burden of surviving a major illness can still be crippling. You have to take into account the costs of convalescing, enduring lost income, and preparing for whatever your insurance might not cover (co-pays, prescriptions, transportation, etc.).

Find a Plan That’s Right for You

The big question on your mind now is probably, “OK how much is this gonna cost me?” Well, it depends on factors like your age, gender, health, and tobacco usage.

First, check to see if you can get critical illness coverage at work, or talk to your insurance agent to get their take.

If you’re interested in securing critical illness coverage but would like to learn more, please have a look at our member page and get in touch with one of their representatives. They can help you identify a plan that’s right and affordable for you and your family, and make sure you have the coverage you need. This is one of those decisions you will never regret. Don’t wait until it’s too late to get critical illness coverage!

Image Credit: Shutterstock