What is critical illness insurance? Not many people know about it, but it's so important in safeguarding your lifestyle and your money if you get sick and need expensive treatment.
What Is Critical Illness Insurance?
Critical illness insurance pays a lump-sum of cash if you get diagnosed with a covered critical illness. These illnesses are the ones most likely to incur major medical expenses, not to mention causing major lifestyle changes. If you can't work as your medical bills pile up, for example, your standard of living is going to change quickly. Critical illness insurance gives you the cash you need to maintain your current lifestyle while you get the treatment you need.
Commonly Covered Critical Illnesses
- Invasive cancer
- In situ cancer
- Coma
- Stroke
- Heart attack
- Coronary artery bypass
- Kidney failure
- Severe burns
- Accidental death & dismemberment
- Paralysis
- Loss of sight, speech, or hearing
- Major organ transplant
- Loss of independent living
Do I Really Need Critical Illness Insurance?
There's no way to predict whether you'll get diagnosed with a serious illness. But one good starting point is to look at your family history. Do any of your family members have a history with diseases in the list above? How about your grandparents or great-grandparents? Another good starting point is to take a scientific approach and look at the odds. These statistics are from The American Heart Association, Heart Disease and Stroke Statistics and the American Cancer Society, Cancer Facts and Figures.
- Every 34 seconds, someone in America has a coronary event.
- Every 40 seconds, someone in America has a stroke.
- 83.6 million Americans are living with cardiovascular disease.
- About 6.8 million Americans over age 20 have had a stroke.
- About 11.4 million Americans are alive with a history of cancer.
I don't want you to live your life afraid of getting one of these illnesses. I do want you to make a plan so that if it happens, you're not going to lose your retirement savings or the kids' college fund. Critical illness insurance can help you cover direct costs like deductibles, co-pays, experimental treatments not covered by insurance, and out-of-network medical costs. It can also cover things like lost income, modifications to your home, and lodging for out-of-town treatment. When getting well is all that matters, it's good to know you don't have to worry about how to pay the next bill.
Next Steps
Let's make a plan so you don't have to be afraid. A CI policy can help you cover medical costs and maintain your lifestyle if you get sick. Isn't that a better plan than relying on luck?