Life is unpredictable. We have no idea what can happen to us at what time. Isn’t it better to always take a step to remain prepared in the face of the adversities of life? We can take a few steps to protect the future of our families and their financial health with critical illness insurance.
What is critical illness insurance?
A critical illness insurance is a policy which is taken against the health of a person. It is very similar to life insurance but instead of being paid out when the insured is deceased, it is payable when the insured contracts a disease which is covered by the critical insurance policy.
The benefits of critical illness insurance:
1. It provides a lump sum payment: The critical illness insurance policy is made to pay off the entire amount due to the insured in one single payment. This means that the insured gets a lump sum amount allowing him to pay off any medical bills with ease.
2. It can be used for anything: Critical illness insurance does not have any restrictions on the usage of the amount received against it. It allows you to use the sum you have received in any way you see fit. You can use the amount to even pay of mortgages and other loans.
3. Protects your family financially: If you are somebody who has dependents then a critical insurance policy is a must for you. Your family should not be left without any source of income when you are unable to provide for them. It is important that you secure them financially even if your health is not secure.
4. It helps ease your mind: A critical illness insurance policy allows you to get your treatment done without having to worry about the amount which you are going to lose. It helps you have a bit of stability in your life as your family is well secured against any dips in finances and can live their lives normally. It also makes you worry about one less thing and helps you concentrate on recovery.
5. It can be taken easily: The policy can be taken along with a life insurance policy. This would mean you pay a higher premium. It can also be taken separately, and the premiums can be fixed or variable depending on your needs. You can even take multiple policies for this easily.