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Published On: Mon, Jun 27th, 2016

Critical Illness Cover: One Insurance Many Neglect Yet Could Be Extremely Important

With so many different health insurance policies and providers available today, it can quickly become really confusing to decide upon the one that’s right for you and your family. But there is one type of health insurance that many people neglect or overlook but could actually be extremely important, and that is critical illness cover. Continue reading to learn more about it so that you can learn if critical illness insurance is right for you. You may realize that you have been missing out and this could be the ideal insurance for your needs right now.

What Is Critical Insurance?

If you’ve never heard of critical insurance, you may be wondering what it is. First off, crucial illness insurance will serve as a complement to your existing medical insurance and your disability coverage. This policy will serve to further ease your financial burden in the event that you come down with a critical illness and you are impacted negatively and unexpectedly.

Put simply, the insurance provider that you choose will provide you with a lump sum as a benefit that will assist you in paying at least a portion of the additional health expenses that you incur when you fall victim to a critical illness.

photo supplied, courtesy of guest blogging network

photo supplied, courtesy of guest blogging network

What Does Critical Insurance Cover?

Modern medicine has increased the chances of recovering from a variety of critical illnesses, from stroke and heart attack, to cancer and other ailments. But even though your standard medical insurance may provide you with much-needed coverage for your medical expenses and the expenses associated with having to be in the hospital for any amount of time as a result of your critical illness, there will likely still be a lot of expenses that will not be covered.

These uncovered expenses may include your co-pays, the cost of getting transported to the treatment centers that you end up using, the childcare costs that might incur if you have kids that you can’t care for while you are in the hospital, and other costs. Rather than tapping into your savings, you can rest assured that your critical insurance provider will have you covered.

Tax Free Money You Can Use However You Wish

What differentiates critical insurance cover from other types of health insurance is the fact that the lump sum that you receive is tax free and you can use that money however you like. You can, for example, use the money to pay your living expenses if your critical illness has caused you to lose days at work, thereby reducing or stopping your income. You can also use the money to purchase additional private medical care, or to pay your mortgage so you can keep your home.

Other Benefits That Come with Critical Illness Insurance Options

Another benefit is the fact that critical insurance will provide you with additional dependent coverage for your children and your domestic partner or spouse. Plus, there are convenient payment options, and you are under no obligation to submit receipts to your insurance provider to show them how you used the money to pay your expenses.

Keep the Coverage Even If You Lose Your Job

Whether you lose your job or you decide to leave your employer, you will not be able to take your health insurance with you. As a result, you and your family may end up with a gap in coverage if you do not start working for another employer right away who will provide you with health insurance. In that case, critical illness cover will be there because the insurance will go with you even if you no longer have the same employer.

Just Be Sure to Read the Fine Print

As with all other types of health insurance, you should definitely read the fine print on a critical illness policy prior to signing up for it so that you know exactly what you are getting. For example, some illnesses may not qualify for the lump sum payout, so you will want to be aware of what is covered and what isn’t. Also, with some plans, the payout will actually decrease as the policyholder gets older, so that is another thing that you need to consider before you invest in this cover.

After reviewing the many great features that come with critical illness cover, it becomes very clear that this insurance provides a host of benefits that you can use to give you peace of mind in the event that you fall ill and incur a high amount of medical expenses. Consider investing in this type of cover today for yourself and your family.

Guest Author: Carol Trehearn

On the DISPATCH: Headlines  Local  Opinion

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