Should You Consider Critical Illness Insurance?

July 12, 2018

Nobody likes to think about their health failing, especially as health care costs continue to rise.

A large number of Americans would find it hard to pay for unexpected medical expenses.

Fortunately, there are options that can help bridge the gap.

Critical illness insurance plans pay a lump sum cash benefit if you are diagnosed with cancer or another serious illness. You can use it however you like. For example, many use it on medical expenses, mortgage payments, car payments, child care costs or any other household expense that might be impacted due to your illness.

A critical illness plan does not replace your primary health insurance. It is supplemental, helping to cover some of the costs associated with certain health issues.

Everybody likes to have options. With critical care insurance, you have the ability to customize your plan according to the amount of coverage you want.

What does the policy cover?

Depending on your specific plan, here are examples of illnesses or conditions that may be covered:

  • Heart attack
  • Cancer
  • Coronary artery bypass
  • Stroke
  • Angioplasty
  • Major organ failure
  • Coma
  • Paralysis
  • End stage renal disease
  • Severe burn

The plans will vary, but some offer benefits for more than one category of illness. You should also be aware of the limitations of the policy, such as waiting periods and pre-existing conditions.

Do I need critical illness insurance?

With modern medicine, the odds may be in your favor when it comes to surviving a critical illness. However, your finances may not recover as well, leading to a host of new issues to handle long after you are well again.

Obtaining supplemental critical illness coverage does more than just add an extra layer of financial protection. It provides peace of mind.

The choice is yours

No one can tell you what’s right for you or your family. Your decision to seek critical illness insurance should be based on your needs.

These types of choices would be easier if you had a crystal ball that could show your future, but what you do have is your family history, statistics and common sense.

As you age, your chances of experiencing various ailments can increase. The probability is even higher if you have a family history of certain illnesses.

Though only you can decide if critical illness insurance is right for you, a specialist at UROne Benefits™ can help guide you in the right direction. Give us a call.

Does the idea of having extra coverage for a critical illness give you peace of mind?