Critical illness coverage can keep your family financially sound.
Critical illness coverage can help you get the money you need to manage your family’s expenses if you or your spouse gets a critical illness. It can help pay for your medical expenses, like surgeries, hospital stays, and medications. It can also help pay for other things, like travel costs if you have to travel far away from home to get treatment; home care services if you need to have someone come take care of you at home; and housekeeping services so that someone else can do the chores while you recover. A critical illness could even mean that one of the two spouses needs to stay home with their family for a period of time. Critical illness coverage can make it possible for them to do that by providing an income so they don’t need to go back to work immediately after recovering from their diagnosis.
A critical illness can be expensive.
While the cost of treatment for a critical illness can seem overwhelming, you might be surprised to learn that it’s only one piece of a much larger financial puzzle when it comes to these conditions. Your health insurance plan may cover some (or all) of your medical bills, but what about your day-to-day expenses? What about the cost of transportation to and from treatments? How will you pay for specialized equipment, or help around the house if you can’t do it all on your own? Who’s going to keep up with all the bills while you’re in and out of hospitals and doctor’s offices? These are all questions you should be asking yourself before planning for a long-term illness.
There could be expenses that you can’t predict.
List of unexpected expenses:
- paying for a caregiver to help out because you’re unable to do things yourself
- extra costs for getting around (ex: a vehicle with special equipment)
- extra costs for your home (ex: building an elevator)
There are lots of ways that critical illness coverage could help you pay for these expenses.
How much coverage do you already have?
While everyone’s situation is different, how much coverage do you already have? This is your starting point.
The amount of critical illness coverage you need should be based on several factors:
- What insurance coverage you already have
- Your income replacement needs
- Your age and health status
The risk of a critical illness is rising.
Many people today are surviving illnesses that were once fatal. That’s good news, but it often means more time dealing with the medical and financial realities of the condition. In addition, many illnesses that were not widely known even a decade or two ago have become increasingly common. A critical illness can have devastating effects on your body and your finances.
Critical illnesses can strike anyone, so take steps to protect yourself and your family now.
It’s a sad reality that critical illnesses can strike anyone, regardless of age or gender. And when they do, their effects can be devastating. Without proper coverage in place, you could be left to cover all the costs associated with your treatment and recovery—or worse yet, have no choice but to leave your loved ones financially burdened by those costs.
That’s why it’s important to consider purchasing critical illness insurance now, before you’re diagnosed with a serious illness. It will provide you with the funds you need if and when that day comes—so you can focus on getting better and not having to worry about paying for your treatments.
Critical illness coverage can help keep your family safe from financial worries when someone gets sick.
When faced with a serious illness, most people do their best to focus on the care they are receiving and how to get better. Other, less-understood responsibilities can creep up on you unexpectedly in the hospital and take up your time. Critical illness coverage helps protect your family from unexpected medical costs. It gives you peace of mind during a crisis and can even help pay for an unexpected expense such as a hospital stay when you’re not at risk for developing a critical illness.