Critical illness insurance pays for treatment of a severe health condition. Having a critical illness and not being covered properly can cause bankruptcy and constant stress. Critical illness insurance can help you and your family during a health crisis.
This kind of policy provides coverage for three common health conditions – cancer, strokes, and certain heart conditions. These conditions can result in paralysis, organ transplants, or kidney failure – all of which require expensive medical care. This supplemental insurance is coverage you may need in order to take care of medical expenses.
Anyone who is dependent on their income to pay their bills could be saved by having critical illness insurance. These policies provide compensation for the salary you lose when you are unable to work.
A policyholder must file a claim to receive benefits. You can file when you have missed work and receive a percentage of your missed salary. These benefits are for long term assistance, and they will assist you in obtaining payment for many different issues.
When a policyholder is diagnosed with a covered illness, the insurance usually pays the policyholder a lump sum amount. This money is tax free, and paid after the diagnosis. To receive payment, the policyholder must survive an agreed upon period of time – usually from 14 to 30 days.
Policies have various values. You will discuss with the insurance agent about planning a policy to meet your specific needs. Often a policyholder can buy a policy just for cancer patients or a policy that covers a wider range of illnesses.
The benefit of this policy is about enjoying stability and peace of mind. The payments received will keep your medical expenses from destroying you financially.