Critical illness insurance is a form of protection that allows you to use the money, as a tax-free lump sum payment, to use however, you need while recovering from your life-altering illness. The costs associated with your recovery without this insurance can place a significant strain on your resources.
Further Reading:
Who Does It Benefit?
Anyone who wants the protection for their finances while recovering from this life-altering illness. It also protects your loved ones during the event of a critical illness situation.
How Will It Work?
It’s simple, it can help you where you need it the most…lost income, paying for private nursing or even out-of-the-country treatment, expensive medical equipment or even paying your mortgage.
What Is The Benefit?
When faced with a life-altering illness like cancer or heart disease, it can throw your world upside down. The financial impact can be devastating with additional costs like childcare, new medications or even modifying your existing home. Can you rely solely on your spouse now for income? Will you have to dip into your retirement savings? Having critical illness insurance can relieve you from this worry.
There are services woven into the policy that can help you cope during the difficult time as you are recovering. Doctors that provide counselling for example. Although our healthcare system is a stable and well-funded one, it doesn’t cover everything. Having insurance will offer a return of premium option that can allow you to receive up to 100% of your investment back if you never claim a critical illness.
Protect Your Retirement:
If you were to dip into your retirement savings, you would find it would quickly decrease if you had no other plan. Critical illness insurance gives you that worry-free relief from financial ruin and keeps things on track. With the lump sum payment from your insurance policy, you would be able to supplement lost income or cover the various other costs that are associated with critical illness…without touching your savings.
