Critical Illness Insurance Policies
In the time that takes for you to read this sentence, one more American has filed for bankruptcy as a result of illness and mounting debt. The insurance provides a safety net for thousands of Americans, should they suffer from specific critical conditions. In the event that one of these situations occurs, critical illness policyholders will receive a lump sum, tax-free payment.
The insurance acknowledges that people are far more likely to survive a stroke, cancer or a heart attack than they would just several years ago. With the advancement of medical procedures and new treatments, the chance for survival is continually on the rise. The insurance can be purchased with features including automatic coverage increases, premium waivers, dismemberment and accidental death, mortgage disability protection and an option that allows the insured to convert to a long-term contract under specific conditions. Coverage can be provided on a permanent or temporary basis. Plans can vary, ranging from 10 to 20 year schedules with policy increases at specific intervals. Some plans may even offer coverage until age 100.
You could be a candidate for the insurance if you don't feel you have enough savings or if you don't have the right employment benefits package. The insurance could help pay medical bills or pay off a mortgage.
Having a means to bridge the gap between illness and disability income can dramatically help lower the cost of out-of-pocket expenses. The insurance provides a lump-sum payment for use as the employee sees fit. It also provides coverage if the employee is actively employed by their company.
Relatively few people have heard of this form of insurance. It just might be the one thing that can keep your family together in ill times.
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