A critical illness insurance policy is a benefit for those who do not want to take a chance with serious health conditions, especially when they have a medical history. Primary breadwinners can’t afford to take a hit to their income from a critical illness and usually favour these types of policies. These plans also benefit those who don’t have sufficient savings or don’t have an employee benefits package that covers prolonged sick leave.
There’s never a good time to get critically ill. Anybody who’s life has taken a turn for the worse will tell you there’s no better time to reassess and learn what your priorities are.
First and foremost are your regular expenses which can be a monthly struggle for any family. But what can make it more difficult for people is only being covered by a limited medical insurance policy or even worse, no policy at all.
Should something happen to you or your family, and you have limited medical insurance, you will need to dip into your savings to afford your medical bills and hopefully not bankrupt yourself in the process.
Now you may think that setting money aside for such emergencies is a good idea but oftentimes additional costs arise that you just can’t foresee. The fact of the matter is you simply can’t adequately plan for an emergency, but with a good critical illness insurance plan, you won’t have to.
Critical Illness is critical to your family’s well being
The beauty of Critical Illness Insurance is that you are in fact insuring your income, just like you would a home or your vehicle.
Imagine owning a home or vehicle without proper insurance. What happens when tragedy strikes? Facing your expenses without a proper financial plan could be disastrous and more importantly, leave your family without sound financial recourses.
You can find yourself in a position with no income and on top of that, all your savings dwindling. Understanding what a good critical illness insurance plan can do for you is important for your family’s well-being because no one should have to choose between medical treatment and buying groceries.