Critical Illness Insurance

A critical illness can be difficult to endure for many reasons. In addition to the pain, suffering and uncertainty associated with the situation, you may also be concerned about your financial situation. Regardless of whether you have cancer, a heart condition or another serious health concern, you may require periodic or frequent medical attention surgeries, hospitalization, in-home nursing care and more. If you have the forethought to purchase critical illness insurance before you develop a serious condition, you may be able to more easily focus on getting better without significant financial concerns. Remember that anyone can be diagnosed with a serious health condition regardless of age. This means that you are never too young to prepare yourself for a potentially devastating illness.

Critical illness insurance is a special type of coverage that pays benefits only when you have been diagnosed with a specific condition that is named in the policy. The coverage typically has a limit or cap, and it may pay up to 100 percent of your expenses up to that established limit on qualifying expenses outlined in the terms of your coverage. There may be times when your expenses exceed the limit of your coverage or when some expenses are not covered by your policy, and you will be responsible for paying any difference out of your own pocket. In addition, when you file a claim, you may have to meet your deductible before any benefits are received.

Medical bills can be expensive and even burdensome when a serious health condition develops. Some people even have to file for bankruptcy to clear away expensive medical bills that they cannot afford to pay. This can be stressful to do when you are in the midst of an illness or when you are recovering from a major condition. An alternative is to prepare yourself for the possibility of this type of event happening to you before you are diagnosed. With critical illness coverage, you may receive substantial benefits that potentially could pay for the majority of your medical expenses. You can then focus on your recovery rather than on your finances.