Protecting Your Future: The Importance of Critical Illness Insurance.
13 April 2023
As we go through life, we never know what challenges or obstacles we might face. Unfortunately, illness is one of those challenges that can strike at any time without warning. Critical illness insurance is a type of coverage that provides financial protection in case you are diagnosed with a serious illness. At InsLyf Brokerage, we understand the importance of protecting your future and the financial stability of your loved ones. In this blog post, we will explore the importance of critical illness insurance and why it's worth considering for your insurance portfolio.
What is Critical Illness Insurance?
Critical illness insurance is a type of insurance that pays out a lump sum of money if you are diagnosed with a serious illness. The illnesses covered by critical illness insurance can vary depending on the policy but typically include heart attack, stroke, cancer, and organ failure. The funds provided by critical illness insurance can be used to cover expenses related to your illness, such as medical bills, prescription drugs, or alternative treatments. It can also be used to replace lost income due to your illness, pay off debts or mortgages, or provide financial security for your loved ones.
What Illness Are Covered in Critical Illness Policies
The specific illnesses covered by critical illness policies can vary depending on the insurance provider and the policy terms. However, there are some common illnesses that are typically covered by most critical illness insurance policies. These can include:
Cancer - including malignant tumours, leukemia, and lymphoma
Heart attack - a specific type of heart attack that is defined by the policy
Stroke - including ischemic and hemorrhagic strokes
Coronary artery bypass surgery - a specific type of heart surgery
Kidney failure - including end-stage renal failure
Major organ transplants - including heart, lung, liver, and pancreas transplants
Multiple sclerosis - a progressive neurological disease
Paralysis - loss of function in the limbs or other parts of the body
Blindness - permanent and irreversible loss of vision
Deafness - permanent and irreversible loss of hearing
It's important to carefully review the terms and conditions of any critical illness insurance policy to understand what illnesses are covered and under what circumstances. Some policies may have exclusions or limitations, so it's essential to work with a trusted insurance professional to ensure that you have the coverage you need to protect your financial future in case of a critical illness.
Who Needs Critical Illness Insurance?
Anyone can benefit from critical illness insurance, but it is particularly important for those who have dependents or who are the primary breadwinner in their family. If you were to become critically ill, your loved ones might be left with significant financial burdens, such as medical bills or lost income. Critical illness insurance can provide a financial safety net for your family, allowing them to focus on your recovery instead of worrying about how to make ends meet.
How Are Rates Calculated?
- The coverage amount:
The more you are covered, the higher your premiums will be.
- Your age:
Critical illness insurance is less costly when you are younger. This is why you shouldn’t wait to get insured!
- Personal and family history:
If you are in good health and your immediate family does not have a history of critical illness, you will get the best rates on a policy. A family history of critical illness usually means you will have higher premiums – and in some cases, it could mean getting denied for insurance. If you personally have had a critical illness, it often means your insurance application will be denied. This is why it is so important to get this type of insurance early and while you are healthy.
How Can InsLyf Brokerage Help?
At InsLyf Brokerage, we understand that each individual's insurance needs are unique. Our team of experienced insurance professionals can help you assess your risk and determine whether critical illness insurance is the right choice for you. We offer a range of critical illness insurance policies that can be customized to meet your specific needs and budget. Our goal is to help you protect your future and provide financial security for your loved ones.
Critical illness insurance is an important component of any comprehensive insurance portfolio. It can provide financial protection and peace of mind in case of a serious illness. At InsLyf Brokerage, we are committed to helping our clients protect their future and provide financial security for their loved ones. Contact us today to learn more about our critical illness insurance policies and how we can help you safeguard your financial future.