Insurance for the Critically Ill
Many people unfortunately become ill at some point in their life with a sickness that turns critical and need constant treatment on a daily basis. Life insurance is a popular product but it is actually more likely that an individual will contract a “critical illness” than die. Medical treatments, either at the hospital or in home, can be very expensive to have privately, but the unnoticed cost is the loss of earnings of a breadwinner, and the incidental expense of travelling to hospitals, childcare etc.
Critical illness insurance is an option to add onto a current life insurance policy or mortgage protection plan, or to take as separate insurance cover. It pays out in the event of diagnosis of one of a range of specified illnesses. Some of the illnesses that are considered critical vary from policy to policy but tend to include Heart Attack, Alzheimer’s, Stroke, Kidney Failure, and Parkinson’s to name but a few. Not all insurance plans cover these illnesses, so check with your provider before signing any policy.
Critical illness insurance is a good idea because people who may become very ill but still live and need constant care. This puts a great strain on friends and family members - emotionally and financially. This insurance is supposed to help in the case of long term sickness and care. It can be used for any purpose – not just for medical bills but for the payments of mortgage and bills, childcare, home adjustments, holidays etc.
The two main types of policies are basic or comprehensive. The plan pays a tax free sum and will pay even if the patient makes a full recovery as payment is on diagnosis of the illness.
One reason to consider critical illness insurance nowadays more than ever is because the medical community has made such advances that conditions which used to be fatal are no longer so. The insurance can be used to pay for medical care and equipment in the home and give your family financial peace of mind. You can buy it at any age, although premiums will vary with age.
Shop around for critical illness insurance if you know there is a history of heart disease or any of the “critical illnesses” mentioned earlier. Premiums may be loaded – and higher – if your family has a history of these illnesses, but cover can still be obtained. Don’t become a burden on your family and cause them financial concern at a time when you most need their support should you become critically ill. |
