Critical Illness Insurance: Is it Worth the Investment?
Let’s start with a little quiz.
Can you name the leading cause of personal bankruptcies in the U.S.?
Are you thinking credit card debt? Overwhelming bills resulting from a job loss?
No to both!
The answer is that the #1 cause of bankruptcy is medical bills.
Frequently, these bills are associated with a serious illness.
The “lucky” ones who don’t have to file for bankruptcy often end up draining their savings.
Let’s take a look at how critical illness insurance can protect you from an unexpected diagnosis and financial ruin.
Why consider critical illness insurance?
Think about what would happen if you or your spouse were diagnosed with a serious illness.
You’d probably both (the patient and the caretaker) need to take a leave of absence from your work, which may be unpaid – partially or entirely.
Many people make the mistake of assuming that their health insurance – whatever the source – will cover any of the big health crises they may face.
The problem is that the excessive costs are usually more than their regular policies will cover, leaving a significant gap.
What critical illness insurance does
To put it simply, this optional supplemental coverage exists to cover the expenses of a major illness.
That time off of work, combined with the costs of treatment, can cause irreparable damage to your financial situation.
The peace of mind that critical illness insurance provides is one of the most significant benefits of obtaining a policy.
What does critical illness insurance cover?
Keep in mind that each different policy will have its own list of diseases and conditions that it will cover, but the ailments that are commonly covered include:
- Heart attack
- Major organ failure
- End-stage heart failure
- Coronary artery bypass disease
- Alzheimer’s disease
- Benign brain tumors
- Severe burns
Remember, this is not a complete list and the particular policy you choose may not cover each of these diagnoses. There also may be other ailments covered which aren’t on this list.
It’s important to consult your independent insurance provider in order to get the right guidance to find the policy that gives you what you want.
What does the process entail?
Here’s a basic overview of what the process will look like for you.
- Application and enrollment. The first thing you’ll do is consult with an independent insurance agent to make sure the coverage you’re getting fits into your budget and will meet your needs.
- Diagnosis. Hopefully you won’t ever have to use this insurance; however, if you do receive an unfortunate diagnosis that is covered by the policy, you’ll be glad to have it. It’ll give you a peace of mind that your financial life won’t be ruined, allowing you or your spouse to focus on the healing process.
- Benefit. You receive a one-time, lump-sum payment to use in whatever way you deem necessary. That means anything! Mortgage payments, medical expenses, car payments or any other household expenses are common uses for this benefit.
Working with your insurance provider, you have the ability to customize your plan according to the amount of coverage you want and the size of the deductible you’re able to pay.
Back to the big question
So, is critical illness insurance worth the investment?
When you think about it in terms of having confidence that your family will be taken care of and that your financial obligations will be met in the event of a serious illness, the answer is pretty clear.
Critical illness insurance can provide a return on investment that you can’t put a price on.
The specialists here at InsureOne Benefits are waiting to help you find the critical illness coverage that works for you and your family. Give us a call today!
How confident are you that your family would be cared for if you or your spouse received an unfortunate diagnosis?