What is Critical Illness Insurance?

What is Critical Illness Insurance?

If you are looking for a combined insurance policy that will take care of you and your family during a serious medical emergency, or illness, consider Critical Illness Insurance. No medical situation is the same, and a Critical Illness policy is designed to create financial security for the policyholder if a sudden medical issue arises. As always, it is recommended to read over your policy to make sure you understand your particular situation and know what is and isn’t covered in your case.

What is Critical Illness Insurance?

Like any insurance policies, factors including your age, sex, your medical history, and family medical history, as well as the amount of coverage needed, are taken into consideration when finding the right policy. Critical Illness Insurance was made to be flexible, allowing you to use the funds in whichever way you need to. If you can’t work due to your illness, you don’t have to worry. Financial obligations can be taken care of as the funds are released in a lump sum. The payments are tax-free, which is another benefit of this type of insurance policy.

What is Covered?

There are benefits of adding Critical Illness Insurance to your current policy. Services and treatments that aren’t usually covered are made available. Daily living costs, transportations to and from treatments or appointments, chair lift installation in your home, and making vehicles accessible are all covered. Child care is also another cost that is covered by Critical Illness Insurance.

What is Included, and What is Not?

Some the illnesses often included in a Critical Illness Insurance Policy are strokes, heart attacks, heart surgery, organ transplants, and cancer. There are limitations to this low-cost policy, as it doesn’t cover all cancers, chronic, or returning illnesses. You will need to add illness to your policy, which may cause you to pay more, but it’s worth it to be fully covered. There may be a “minimum survival period” clause, which means the policy holder will have to live for a required time after the diagnosis before the funds will be released.

Speak to your trusted insurance broker if you’d like to discuss getting Critical Illness Insurance, or adding it to an existing plan. Have the peace of mind knowing you and your family are taken care of in the case of a sudden medical situation, and let the healing begin.

Critical illness insurance provides essential financial protection during difficult times. Don’t wait until it’s too late to secure your family’s future. Get in touch with Harpreet Puri today.