In fact, the bills from critical illness are the one who brings you to bankruptcy. More people don’t realize that the future of being old is having a serious disease. Right now the youngsters are suffering the terrible diseases as well, in which they need something to cover the medical process until they finally get better. So, thanks to many companies that provide the critical illness insurance product.
So, How Does Critical Illness Insurance Work?
The purpose of this financial product is to cover your need during medical treatment. The critical illness includes cancer, stroke and heart attack as the primary coverage. Besides, this critical illness insurance will cover certain condition such as bypass surgery, heart transplant, kidney failure, paralysis, organ transplants and also angioplasty.
At the moment you need the money for your medical treatment, the insurer will provide you the cash at a time you need it the most. So, this is a perfect preparation for your future. According to the American Cancer Society, around 1,4 million people in America are diagnosed with cancer, 785,000 more are diagnosed heart with attack and 600,000 are diagnosed with a stroke.
And this is the important case, at the moment you are doing medical treatment, you should pay your other bills including tax, school tuition, utilities and so on. In summary, you will find the critical illness insurance become so important for the following reasons:
- There is no cash to pay for medical treatments
- You cannot predict how much money you should spend for having the treatments until you get better
- You save money a lot
How Much Cash Can I Claim?
Another good thing you can expect is the cash you will receive. It varies from insurer to insurer. You can receive from $10,000 – $1 million. As you are diagnosed with the covered condition, you will get paid. Even you will receive multiple policies. For example, you get cancer then you succeed to survive, then five years later you get a heart attack. Then, you will still get the cash payment.
Obviously, you should buy plans that suit your budget. Besides, the plans from insurer to insurer will vary and the best thing you can do is making a comparison. You can also consult it with the professional to help you get the best coverage. Another best thing to help you save more money is by multiplying the mortgage payment in 24 months.