When one is diagnosed with a severe illness it is just not a challenge physically but also emotionally and, on top of all that, it can also be a financial stress. Many families can be forced into bankruptcy as a result of expenses associated with an illness. Critical Illness Insurance can be just what you and your family need should the unexpected happen and costs are not adequately covered by a traditional insurance policy.
With a critical illness insurance policy, there are common illnesses and conditions that can be covered. This would include heart attacks, cancer, and strokes. These health challenges can often lead to other problems such as kidney failure, the need for an organ transplant, and even paralysis. Should this befall a person, the medical expenses associated with these conditions can be unbelievably high, which is why one can be greatly benefited by purchasing supplemental health insurance.
Should you be diagnosed with an illness and you have this insurance coverage, then the insurance provider will provide a lump sum payment to the insured and his or her family. This benefit, which is tax free, is paid after diagnosis, and the insured usually must live for a certain amount of time before receiving the money. This period time can range from 14 to 30 days after one’s diagnosis.
The amount of a payout if one is diagnosed can vary depending upon the policy purchased. Most of these policies offer a payment of between $5,000 and $50,000, and even more. The more one pays in premiums the more one receives in the event of a pay-out after a diagnosis.
The great advantage of this kind of coverage is that it can provide a financial payout in a time of extraordinary expense and emotional struggle. A payout can help you to take care of the family if you find yourself unable to work and, at the same time, are confronted with significant costs associated with the illness. This policy can keep your finances intact and help to prevent you from being put into bankruptcy.
Few would want to contemplate being diagnosed with a severe illness or condition, but if you are, you will be thanking your lucky stars if you had the foresight to purchase a critical illness insurance policy to help with these expenses that are inevitable in such a case.