Who Should Get Critical Illness Insurance?

Critical insurance is a long-term cover that insures against serious diseases mentioned in the coverage. If a policyholder experiences any of the insured illnesses, they’re eligible for a tax-free, one-time payoff. With this, they can cover property mortgages, rental fees, outstanding debts, or renovations to add wheelchair access if necessary. 

What is Critical Illness Cover?
If the policyholder is befallen by one of the mentioned diseases, they can make insurance claims from their critical insurance cover. What’s covered differs between various insurers, and some may even specify the degree of severity of the condition. 

Some of these may include:

• Strokes
• Cardiovascular diseases
• Specific cancers at specified stages
• Health conditions like multiple sclerosis

What Isn’t Covered?
Check-in with your insurer to find out what kind of illnesses are covered since these vary from insurer to insurer. Certain strains and variations of cancers may not be covered, for example. Additionally, if the policyholder has any preexisting conditions they’re aware of, these may likely be excluded. 

Who Needs Critical Illness Cover?
State policies might not be sufficient cover to supplement your income if you suffer a debilitating disease. If you’re off work for an extended period, you’ll need a dependable replacement. Whether your job is high risk or a blue-collar office job, no one should go without critical illness insurance. Specifically, get coverage if:

• Your savings aren’t enough to keep you afloat if you’re critically ill.
• Your job doesn’t offer employee benefits to supplement your salary if you’re sick. 

This coverage might not be compulsory if:

• Your savings account is plush enough to support you while you’re off work.
• Your spouse can pay for necessary living costs in that period, like a mortgage.
• You already have an insurance policy that covers similar perils under employee benefits.
  
  

Conclusion
As implied by its alternative name – catastrophic illness insurance, it comes as an emergency and is necessary since life is unpredictable. Even with a substantial medical cover, a debilitating illness may be financially taxing. It makes having separate critical illness insurance so important. 

At ​Allied Premium Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 598-5148. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!