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Why You Should Consider the Benefits of Having Critical Illness Insurance | XL Health Blog

Why You Should Consider the Benefits of Having Critical Illness Insurance

Posted on 22. Jul, 2014 by in Wellness

There are a lot of options available for those looking to purchase health insurance. While you are looking, you may want to consider whether or not it would be in your best interest to include critical illness insurance as part of your healthcare plan. It might seem tempting to stick with the lowest cost option in order to save money, especially if you are young and are not expecting to require much in the way of medical treatment, but you should be aware of the possibility of emergency medical needs and the options that are available to minimize their effects.

Critical illness insurance is a type of insurance where your insurer is required to make a lump sum payment in the event that the policyholder is diagnosed with one or more of the critical illnesses covered by the policy. These types of plans are flexible and may allow for continuing monthly payments in some cases. In all likelihood, your insurer will require verification of your illness by your doctor before making lump sum or continuing payments.

So what qualifies as a “critical illness?” That largely depends on your insurer. If you decide to go with this type of insurance, be sure to read the fine print and understand which types of illnesses are defined as “critical” and which are not. Common types of illnesses that normally fall under this category are heart attack, stroke, cancer, kidney failure, multiple sclerosis, among other debilitating or terminal diseases.

It is important to consider the possibility of being afflicted by critical illness in order to have an understanding of your financial ability to handle an emergency. These types of illnesses can strike when you least expect it and could financially cripple your family if you are not prepared for it. Not only will the medical bills start to pile up, critical illness could affect your earning potential. If you are disabled by illness, you may not be able to work regularly, which could make it more difficult to meet your other financial obligations such as mortgage payments and childcare expenses.

Critical illness can be unexpected and life altering. Critical illness insurance can help you pay for the costs of care and treatment, medication, and could even cover lost or reduced income. Your life will change drastically as a result of illness of this type and you should takes measures now to have a plan for the worst case scenario.

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