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Critical Illness Insurance

The 411 on Critical Illness Insurance

Hearing the news that you’re diagnosed with a serious illness like cancer is always terrifying and the fact that it can mean a financial burden of apocalyptic proportions makes it even more horrifying. In addition to the enormous medical costs, there is the problem of the person being unable to earn money due to his or her inability to work, at least for a while. Critical illness coverage is what can help to provide the financial assistance necessary to get a person facing such an illness through such a challenging time.

A critical illness policy is the kind of supplemental coverage that compensates a policyholder an agreed upon lump sum should he or she be diagnosed with any serious illness that is within the purview of the policy. Such coverage is frequently offered as a choice in employer-provided workplace benefits.

Critical illness policies are for pretty much anybody, but this coverage is particularly useful to those who might face serious financial difficulty should a major illness strike. For instance, folks who don’t enjoy the help of paid time off during an illness will likely benefit greatly from obtaining a critical illness policy. It may also be a smart move for someone with a spouse and children who are dependent upon his or her bread-winning status.

The simple way that this coverage works is, (when diagnosed with an illness that is covered in the critical illness policy), one receives a lump sum payment in the amount stated in the policy details. The policyholder is then free to utilize the money however he or she desires, whether to cover medical expenses or to pay any household costs while away from work.
Critical illness insurance is normally quite standard, although there can be differences in the kinds of illnesses that are covered. Keep in mind too that many policies also can cover accidents that result in serious injury that leave the policyholder unable to work.

The major plus in obtaining an insurance policy for critical illnesses is the peace of mind in knowing that you have the financial backup necessary should an illness prevent you from gainful employment. Not only would you enjoy the extra amount of income to cover medical expenses, you will also have extra funds to help recoup lost income. Another plus is the fact that this coverage is often provided through one’s job, which means lower group rates. Call an insurance professional today for more information.