Critical illness insurance adds another layer of financial protection when you need extensive medical treatment. Its benefits begin where health insurance ends. This type of policy is effective in a few, yet relatively common catastrophic events. When considering the coverage’s extensiveness and versatility versus costs for maintaining the policy, it is easy to see why it is wiser to have critical illness insurance than to be without it.
When Would I Need Critical Illness Insurance?
Critical illness coverage kicks in after you experience a severe event, such as a stroke, heart attack, or cancer. If you’re healthy, these health problems may be an afterthought. But health issues can impact anyone at any time, and none of us are immune to the unthinkable.
If you’ve just been diagnosed with cancer, for example, your health insurance will only cover what it can as written on the policy. While your health insurance offers financial relief, you’re still left with the remaining costs, not to mention the non-medical expenses incurred as a result of your condition.
This is when critical illness insurance steps in.
When Disaster Strikes, Critical Illness Insurance Gives You Money Right Away
Critical illness insurance doesn’t make you wait for your coverage. When you’re diagnosed with a serious condition, you’ll get a payment of up to $100,000. This is money that goes directly to you – not the hospital. This is a stark contrast between health and critical illness insurance. Health insurance typically requires you to pay a certain amount for your medical services out-of-pocket before it will cover you. Critical illness insurance disburses your funds to you without you having to pay other costs beforehand.
You Determine Where The Money Goes
Since critical illness coverage is issued as a single, large lump-sum payment, there’s no limit to the expenses it can cover.
Critical illness insurance can cover all remaining costs after your health insurance coverage is exhausted. You may also use it for the medical services exempt from your health insurance policy coverage, and in this way compensate for your health insurance policy’s defects.
Critical illness insurance can also cover childcare, transportation, lodging, day-to-day living, and/or vacations.
Its Coverage Is Highly Affordable
For a policy that works so quickly and issues funds substantial enough to prevent bankruptcy, it’s easy to assume it would be unaffordable. Thankfully the opposite is true.
Critical illness insurance can cost as little as $25 a month – less than a dollar a day. This policy is so affordable, you’ll barely even notice it on your bank statements. However, your premiums will cost more if you’re older, have a family history of serious health issues, or if you choose to have more coverage.
Learn More Today
At Fidusure, we want to help you keep your money in your pocket. Critical illness coverage is one of many policies we offer, and it’s one that we can provide for you at the most affordable price. Expand your coverage by calling us today at (647) 567-4702.