Would your savings be enough for you to endure a critical illness?
Unfortunately for many people the answer is no. One way to help protect your family is a critical illness plan. Critical illness plans are designed to pay a lump sum benefit when you are diagnosed with a critical illness. A critical illness would include heart attack, stroke, major organ transplant, end stage renal failure, multiple sclerosis, Alzheimer’s disease, and cancer. Critical illness plans are considered supplemental health coverage, meaning that they are uncoordinated with your major medical insurance. Major medical insurance will pay the hospital and doctor directly while a critical illness plan will pay a lump sum benefit directly to the insured unless assigned.
This lump sum benefit, which is chosen by the individual at the time they enroll, can be used at the discretion of the covered party. For example, these funds can be used to pay medical bills such as co-pays or deductibles, replace lost income, child care, mortgage, rent, etc. Adding a critical illness plan to your insurance portfolio can make a real difference in your standard of living during and following an illness. This policy can be designed to cover an individual or the whole family. Premiums will be based on your age at the time you enroll as well as the benefit amount selected.