People do not necessarily need critical illness insurance. Unlike life insurance, which covers the inevitability of death, no ones knows whether they will suffer a critical illness such as cancer, stroke or heart attack. But if they do, getting that lump sum of cash can be a huge relief. It can provide income while unable to work, pay for medical bills, cover household bills, or cover expenses related to being ill. Not only does this help with the financial burden, it also brings a ray of sunshine at a dark time.
Whether anyone actually needs Critical Illness Insurance is hard to say. Like all insurance, it is a protection against a known risk, but it is unknown whether that risk will ever happen to you. That being said, the types of critical illnesses that used to kill people in the past, are now routinely being survived due to medical advancements. However, these medical treatments are not cheap, and a person can be treated for many years for the same ailment. So there is a higher chance than ever that critical illness insurance could be needed in your lifetime.
President | Founder, CLM Insurance Group, Delray Beach, FL
I recommend all my clients need a critical illness policy to protect themselves from the costs involved with the illness. What most fail to think about is what happens after the illness. A critical illness often leaves people unable to work or sometimes lose their job (and possibly the health insurance that went with it).
A cash critical illness plan of any benefit amount helps maintain the lifestyle you had prior to your illness by affording cash to pay the mortgage, cars, food, necessities and other unforeseen out of pocket costs associated with the illness.
At the very least I advise clients to purchase a critical illness plan that matches their max out-of-pocket of their health plan so in the worst case scenario they will have no risk exposure.
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A cash critical illness plan of any benefit amount helps maintain the lifestyle you had prior to your illness by affording cash to pay the mortgage, cars, food, necessities and other unforeseen out of pocket costs associated with the illness.
At the very least I advise clients to purchase a critical illness plan that matches their max out-of-pocket of their health plan so in the worst case scenario they will have no risk exposure.