When is Critical Illness Insurance Necessary?
Critical illness insurance is designed to protect an individual against a specific deadly disease, such as cancer. If the policyholder is diagnosed with one of these diseases, then the insurance company will pay a lump sum.
This insurance is used by those who believe they may be inclined to a certain disease (such as Alzheimer’s). And also for those who have a disease and are worried about not being able to pay for their medical expenses.
How Does the Policy Work?
A critical illness policy is not attached to any other type of policy. It is a standalone policy, and pays in the event that you are diagnosed with a specific disease or diseases. Most policies require policyholders to survive for a certain amount of time. It is usually a short time such as a week or two.
Types of Critical Illness Policy
Various conditions are covered by this type of policy. Common policies include cancer, strokes, artery by-passes, and heart attacks. They might also include Alzheimer’s, deafness, blindness, and other sudden onset or debilitating illnesses. If there is a particular disease you are concerned about, then you may be able to find an insurance provider who covers that disease.
Getting financial help for medical costs is always beneficial. Critical illness insurance can help a sick person deal with a stressful situation. Medical care is expensive, and it’s even worse when you have an illness that requires constant attention.
Critical illness insurance is not something that people commonly have. But it’s worth considering if you think it applies to your situation.