Critical Illness Insurance
Getting sick isn’t something any of us like to think about. But it happens. If it does, thanks to improvements in healthy living and medical science, there is a good chance you will recover and get on with your life. But getting better costs money. Treating and coping with illness can mean significant and often unexpected costs.Critical Illness Insurance is designed to help you with the unexpected. It provides a lump sum payment if you’re diagnosed with, and survive the waiting period for, one of the covered conditions. Critical Illness Insurance give you the financial freedom to focus on what really matters: getting better. The money is yours to use any way you want. For example, you can:
- Find the best health care available – anywhere
- Hire a nurse or caregiver to help you at home
- Pay off your mortgage
- Replace lost income
- Take a vacation to help you recover.
And what if you don’t ever need the Insurance? Several options are available that give you your money back.
Who should have this coverage? Anyone who has a mortgage or a business or children or anyone else who relies upon them for financial support. Using savings or going into debt to finance your recovery can have a significant impact on how much money you’ll have to maintain your current lifestyle. Think about it. If you had a heart attack today and couldn’t work for six months or a year, would your business continue to thrive without you? Here is an example of how Critical Illness Insurance could have made a difference and allowed Tom to return to a financially sound business when he was back on his feet.
Before his heart attack, Tom had been taking a salary of $120,000 a year from the business, which he needed to continue to do to pay his personal expenses. Because he wasn’t able to work for 6 months, he was faced with additional business expenses that he hadn’t planned for. Here’s what happened to his financial picture. For the six months that he wasn’t able to work he needed a Business manager to replace himself which cost him $36,000. He needed a Salesperson to replace himself, which cost him $24,000. Without his daily presence, the business experienced a reduction in sales income of $120,000. Total additional business expenses for the six month period added up to $180,000. While Tom was away, costs went up – sales revenues went down. The business didn’t have the financial resources to continue and it collapsed, leaving Tom’s personal finances in chaos as well.
Critical Illness Insurance would help preserve all that you’ve worked for so that when you recover, your finances won’t have missed a beat.