Critical illness policies are simply a cash lump sum of money that would be paid direct to the insured in the event of a diagnosis of one of the covered critical illnesses. Examples of typical illnesses covered by these types of policies include cancer, heart attack, stroke, ALS, etc.

When these illnesses strike they bring along with them a lot of expenses. Lost time from work, uncovered medical expenses, deductible and insurance costs, and travel expenses are just some of the financial costs that are often incurred. With health insurance policies seeming to have higher deductibles than years past, filling that gap is more important than ever.

Health insurance by itself has a fundamental flaw – it is never going to pay you, the insured, one penny. Health insurance is going to pay only the doctors and hospitals and pharmacies. What about all those indirect costs? Who is going to pay you? That is precisely why having a critical illness policy is so important.

These types of policies have become more and more popular in recent years. A big part of that can be attributed to the fact that many illnesses that years ago would often result in death are now being treated and over time treatment results in a full recovery. Those advancements in medicine are great. We just need to be prepared to deal with these illnesses financially as well. No one wants to be bankrupt after successfully beating cancer. Receiving a critical illness payout for $30,000 or $60,000 can help the insured deal with a lost income for 3 to 6 months, even a year, while undergoing surgery, chemo treatments, and finally recovery. Taking that financial pressure and stress off the situation can do wonders to help in that recovery process. Having the money to continue making the mortgage payments, the health and homeowners insurance, and putting food on the table are things that many unprepared families are unable to do. Be prepared and protect yourself and your family with this valuable coverage! There is no substitute for life insurance, because unfortunately many don’t make it through these illnesses. However, now more than ever, many do recover and get though that rough time. I’ve personally had clients experience this and they were very grateful to be made aware of this coverage and have the protection when they needed it most. You can pay for insurance now or you can pay for not having insurance later.

---