Do You Need Critical Illness Insurance?
Critical illness insurance pays a benefit when you’re stricken with a specific illness. It is usually an illness that is possibly fatal or prevents you from working. The benefits provided by this coverage can help pay medical bills and other living expenses.
High-Risk for Critical Illness
You must obtain this type of insurance before you’re diagnosed with an illness. If you’re already sick with a critical illness, then the insurer will consider you uninsurable. But generally, this coverage is for people who may develop a critical illness in the future.
If you’re at high-risk for a critical illness that is covered, then you might want to get this type of policy. Your insurer will provide a list of illnesses covered by your policy. When you’re diagnosed with one these, then you can file a claim. Each insurance company has its own list of ailments that count as a critical illness. But heart attack, stoke, cancer, meningitis, kidney failure, and accidental amputation are some ailments commonly covered.
Critical illness insurance is beneficial when you’re dealing with a serious illness. It can help pay your expenses and replace your income. And if you pass away after you’ve received your benefits, your family can pay for your burial.