Critical illness insurance is a policy that pays when there is a diagnosis of cancer, heart attack, stroke, or any other critical illness that is defined by the policy. “CI” plans are highly recommended to have in addition to your main health insurance policy. According to recent statistics, nearly half of everyone will get diagnosed with cancer at some point in our lives. Critical illness plans can cover cancer diagnosis and other common illnesses as well.
Is a Critical Illness Plan Worth It?
A critical illness insurance policy is similar to live insurance, the sooner you get it the cheaper it will be. But even if you wait till later in life, the price for a plan can still be a good value compared to the financial protection that it offers. It’s important to get with a trusted health insurance broker who can shop around for the best critical illness plan for you.
Why is Critical Illness Insurance Important?
Having a critical illness plan is extremely important to protect you and your family financially. Even if you have great health insurance, the financial burden that is related to a diagnosis can be devastating and take years or even decades to recover from. CI plans pay you directly, so you can use the funds however you want to. Most people use the funds to pay off the out of pocket costs related to their health insurance, to help pay for alternative therapies that aren’t covered by health insurance, pay for their household bills while they take time off of work, take vacations with families while they still can, the list goes on and on.
The odds of surviving a critical illness with modern medicine are improving every day. Which is great, but that also means that you have to live with the financial burden that was caused by it. A critical illness plan is designed to help you financially so you can focus on treatment and recovery.
How Does a Critical Illness Plan Work?
Critical illness insurance plans are fairly simple. Some cover only cancer. Some plans cover the “the big 3” which are cancer, heart attack, and stroke. And some plans offer a much longer list of illnesses. The plan lays dormant while you pay your small monthly premium (usually an automatic payment). If and when you get a diagnosis in life, it then pays you money. Unfortunately, the odds are that nearly 50% of us will get a critical illness in our lifetime. Whether you live or die from it, the critical illness policy will still pay.