Do you need critical illness insurance? That depends! Let me tell you a little bit more about it to help you make an educated decision.

The Basics

A critical illness insurance policy pays a lump-sum cash benefit if you are diagnosed with a serious illness or need a surgical procedure that's covered by the policy. The illness or surgery may be life-threatening, but it doesn't have to result in a death for benefits to be payable (like with life insurance, for example).

Covered conditions normally include cancer, stroke, heart attack, major organ transplant, kidney disease and/or failure, coronary angioplasty, and coronary bypass surgery. They may also include Alzheimer's disease, multiple sclerosis, and other conditions, depending on the carrier. In most cases, your policy's benefits are payable after survive the illness or surgery for a specified time period (e.g., 30 days). You can then use the cash benefit to offset your decreased income or increased expenses associated with your illness.

The High Cost of Medical Care

The need for critical illness insurance came about because people are living longer, even with serious diseases. But it also means people have more medical expenses that can deplete their health insurance and personal savings. Critical illness insurance helps pay for uncovered medical bills and household bills.

If you're considering buying a policy, I can help you do the research beforehand. You should make sure you understand exactly what's covered and what's not. For example, your policy will only pay if you contract the illnesses listed in the policy. Even then, further limitations will be defined in the policy.

Why Is Critical Illness Insurance Important?

Medical advances have increased the chance that you'll survive a serious illness that, in the past, may have killed you. But what are your chances of surviving financially, as well?

Your illness or condition may last for years, but your savings account will not. You may not be able to work while you're ill, so your income may decrease. In addition, your expenses may increase. You may have to pay medical deductibles and certain medical expenses out of pocket, pay for home health care and/or housekeeping, and buy equipment designed to make your life easier. The cash benefit you receive from a critical illness policy will ensure that you have funds when you need them most.

Ready to Get Covered?

Call me or email me for a free, no-obligation quote!