Being diagnosed with a serious illness such as cancer is always terrifying, and the fact that it can mean a financial burden of apocalyptic proportions makes it even more so. In addition to the enormous medical costs, there is the problem of being unable to earn money due to an inability to work, at least for a while. Critical illness coverage is what can help to provide the financial assistance necessary to get through such a challenging time.
A critical illness policy 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 an option 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 would benefit greatly from obtaining a critical illness policy. It may also be a smart move for someone with a family who is dependent upon their paycheck.
When diagnosed with an illness that is covered in the critical illness policy, a lump sum payment is made in the amount stated in the policy. 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 may also cover accidents that result in serious injury leaving 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 needed to cover medical expenses, you would also have extra funds to help recoup lost income. Another plus is the fact that this coverage is often provided through your job, which means lower group rates. Call one of our insurance professionals today for more information.