Critical Care Insurance and How It Works
Critical Illness Insurance is provided to you by insurance companies in the event that you come down with an illness they deem appropriate to fit into that category. With this insurance you are able to receive coverage while going through a health situation that is emotionally and physically draining. This guarantees that you are taken care of and secure while undergoing treatment and all that may come along with the disease that has overcome your body.
Going through a critical illness is very stressful, for an entire family. It can drain your emotional tanks, financial and physical. Everyone can feel the pain in a sense and feel the depleting emotions that can come along. Knowing that you are covered in any medical situation is a relief. That you have protection for yourself and your family is a very comforting thing. With critical illness insurance, you know that when a serious illness is plaguing your body, you and your family are taken care of and covered with the right medical insurance for you.
What is Critical Illness Insurance?
Critical Illness Insurance is for those who come down with an illness that is considered critical. In 1983 there were 4 illnesses considered critical and insurance offered for those who suffered from them. Now, many years later, depending in the insurance company, there are between 46 and 116 different illnesses eligible for critical illness insurance. When you suffer from one of these, narrowing down the best insurance company for you to offer you the best plan is exactly what you need to do. It is already stressful enough when your body is deteriorating from an illness and the thought of not having the right insurance or money to provide for your family.
For most who suffer from an illness considered critical, they are unable to work or function to their fullest potential because of the disease that they have been diagnosed with, through critical illness insurance policies that it no longer a worry. Alzheimer’s, blindness, deafness, kidney failure, organ transplant, Multiple Scleroses, Parkinson’s and HIV are all considered a critical illness and covered by this type of insurance policies. With these you will feel comfortable knowing that while you are ill and unable to fully provide for the ones you love.
How It Works
With critical illness insurance plans you are paid a lump sum upon medical diagnosis. When you are formally diagnosed with a critical illness these plans, which vary by company, offer you a lump sum payout available for you to use any way that you choose. It is a way for you to be able to pay your bills, be with family and friends, pay your mortgage or get the care that you really need. With this type of coverage you are free to use the lump sum any way you choose, paying and taking care of what you feel is priority for you and your family.
Many have basic or essential health insurance for themselves and their families. It is a great source of coverage for them, covering the basic needs of a family and minor incidents. With critical illness insurance, it is great to be used as a supplemental insurance refer to www.criticalillnessandlifeinsurance.com for more information on the types of insurance and how it can supplement you living standards, helping you to provide coverage that may exceed that of a traditional plan. It assists you with bills that may pile up because of the way you feel because of your condition. Using this as a supplemental you are able to use your lump sum on anything you want. Depending on the insurance company, may depend on the amount that you receive based on the condition you have. That is why it is very important to shop around and really find the best fit for you and your family.
Going through any medical condition can be a frustrating experience and going through something that is critical and possibly life threatening not only brings more stress to you but to your family. With critical illness insurance, you are able to provide for your family when your disease has made it impossible to work, get your family the things that they need or even pay bills. With this type of insurance plan you will be able to provide for your family while recovering, giving your body a chance to heal and feel confident that your family is also being taken care of.
In a world full of uncertainties, it is no wonder that insurance has become a part of our life. We may live the life of all wellness today but we would never know what will happen to us in the next days. Thus, as a form of risk management, insurance policies are made to protect the insurer against uncertain loss. This comes in a wide range of categories. Many types of insurance, these include Critical Illness Insurance and some other like auto, life, and sickness and unemployment insurance which in some cases may include disability insurance.
This kind of insurance is a comparatively of a new type. It is designed to cover the gap between healing from a life-threatening diseases and life insurance to help in the financial burden associated with recovering from a serious sickness. As life insurance is created in order to help the family of the deceased policy-holder, hence, insurances such as critical illness ensure that living is still the better option for everyone involved.
The fact that a lot of people are diagnosed with serious as well as life-threatening diseases makes Critical Illness Insurance a sure way to go. Some factors that cause these diseases include increase of pollution, unhealthy eating habits and bad vices such as alcohol and cigarettes (en.wikipedia.org/wiki/Insurance). Sicknesses like heart disease, cancer, diabetes, and kidney disease are only some of the health threats that people around the world are getting diagnosed with.
The role of this insurance is to make sure that the insurer, when diagnosed with an ailment covered on his or her policy, will have financial support to battle his or her illness.
Once diagnosed, the policy holder will be able to receive a tax-free pay-out of the amount of the coverage from the insurance company after 30 days of diagnoses. In the same way, the policy holder can use the money as they see it fit-without restrictions.
Whether one decides to use it for treatment or for recuperation is up to the policy-holder.
Like the other types of insurances, it is still best and advisable to buy from a licensed Insurance Agent. Although there are still those who opt to buy at a bank, insurance agents are more likely to find the best coverage and best price for the policy-holder. There are also banks that only process the policy-holders benefits upon application of a claim for the insurance.
With regards to this kind of insurance, it is better that the pay-out is received as soon as possible health and recovery should be a top priority of any person diagnosed with a life-threatening disease.
Of course, the time to buy your insurance is when you are in good health condition. Insurance companies are meticulous and if they found that an applicant is already experiencing certain symptoms, it is sure that they will reject it.
One should think of this kind of insurance, like eating healthy and regular exercise as a good investment for leading a healthy lifestyle. After all, there really is no better time to take care of ones future than today.
Truly, life insurance makes sure that the ones you love will not be in a lurch once you leave them; thus, Critical Illness Insurance ensures that your life insurance will not be used in the near future.