Securing Finances With Critical Illness Insurance
Critical illness insurance is a type of health insurance that will pay money based on the diagnosis of a critical illness, as determined by the insurance company. It is designed for those who would, in time of being diagnosed with a serious threat, want to enjoy their surviving years in financial freedom with those they love.
The critical illness insurance is a new one- but an important one as life expectancy is shooting through the roof in this age. Ailments such as cancer, organ diseases, strokes, heart attacks, and others become more common at older ages- meaning critical illness insurance is almost a necessity. Because each of the mentioned ailments are expensive to treat, the funds of even wealthy families will be soon depleted after treatment.
Even though upper class families are said to have more financial power than the rest of the economic hierarchy, they too will have cause to buy critical illness insurance. Some types of illness can wage war on the body for years- and mount up to hundreds of thousands of dollars in bills. Even wealthy families will cripple under such strain. This is even more true for middle class and lower class families who likely don't have such money stashed away.
Some say that buying critical illness insurance is much like playing the lottery or gambling. While this can be true in some cases, studies show that by age 70 or later, the majority of citizens are going to have at least one critical illness to finance. Whether this be paralysis, blindness, or any other number of crippling illnesses- there is bound to be something to come forth that needs expensive treatment.
Others who dislike the idea of obtaining yet more insurance say that obtaining insurance on critical illness is unnecessary when considering health insurance and life insurance will kick in. The problem is that health insurance doesn't always pay for a condition in full, and many types of health problems may be excluded or considered pre-existing. Life insurance doesn't pay off until the death of the individual, which will only provide financial relief at a later date as compared to a sooner one.
Like many other types of insurance, critical illness insurance is supplied by many different companies thanks to its major successes in the 1990's. Because there is a lot of choice to consider, consumers should investigate several different companies for best pricing and benefits information. Be sure to get a clear answer as to what is insured and what isn't- and be prepared to get someone to oversee the contract before signing it.
Closing Comments
Critical illness insurance is a great way to guarantee financial freedom even in times of peril. If you are afraid of putting debts onto your own savings or the savings of your loved ones, talk to an insurance agency immediately.
The critical illness insurance is a new one- but an important one as life expectancy is shooting through the roof in this age. Ailments such as cancer, organ diseases, strokes, heart attacks, and others become more common at older ages- meaning critical illness insurance is almost a necessity. Because each of the mentioned ailments are expensive to treat, the funds of even wealthy families will be soon depleted after treatment.
Even though upper class families are said to have more financial power than the rest of the economic hierarchy, they too will have cause to buy critical illness insurance. Some types of illness can wage war on the body for years- and mount up to hundreds of thousands of dollars in bills. Even wealthy families will cripple under such strain. This is even more true for middle class and lower class families who likely don't have such money stashed away.
Some say that buying critical illness insurance is much like playing the lottery or gambling. While this can be true in some cases, studies show that by age 70 or later, the majority of citizens are going to have at least one critical illness to finance. Whether this be paralysis, blindness, or any other number of crippling illnesses- there is bound to be something to come forth that needs expensive treatment.
Others who dislike the idea of obtaining yet more insurance say that obtaining insurance on critical illness is unnecessary when considering health insurance and life insurance will kick in. The problem is that health insurance doesn't always pay for a condition in full, and many types of health problems may be excluded or considered pre-existing. Life insurance doesn't pay off until the death of the individual, which will only provide financial relief at a later date as compared to a sooner one.
Like many other types of insurance, critical illness insurance is supplied by many different companies thanks to its major successes in the 1990's. Because there is a lot of choice to consider, consumers should investigate several different companies for best pricing and benefits information. Be sure to get a clear answer as to what is insured and what isn't- and be prepared to get someone to oversee the contract before signing it.
Closing Comments
Critical illness insurance is a great way to guarantee financial freedom even in times of peril. If you are afraid of putting debts onto your own savings or the savings of your loved ones, talk to an insurance agency immediately.
posted by Credit Counseling at
3:34 PM
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