Critical illness insurance can be a useful financial tool to help protect your family’s future should you have a critical illness. The cost of a critical illness can easily sideline an individual, so making sure you’re covered mitigates the risk of financial hardship.
What is Critical Illness Insurance?
Critical Illness Insurance provides a lump sum payment in the event you or your relative is diagnosed with a covered critical illness. A critical illness can affect anybody at any age and the definition of a critical illness is made up of a list of specific medical conditions defined by your insurer, such as cancer or heart attack.
Critical illness insurance is particularly important for self-employed individuals and those without an employer group plan, as it can help protect their family’s future should they have a critical illness. It is also useful for anyone with family dependents who are reliant upon your income to maintain their quality of life should you be unable to work due to a critical illness.
Critical illness insurance is also useful for anyone with significant personal debt, as the lump-sum payout can help pay off that debt or interest accrued on it.
Deciding how to structure your critical illness policy can be complicated, but we’re here to help! Click below to set up your free consultation so we can talk you through the process and help you understand all your options.
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