Health insurance is incredibly important to protect you in case the unthinkable happens. In the event of a sudden illness or accident, hospital costs can skyrocket out of control, leaving some people to choose between their family’s financial security and their health. Health insurance not only provides you with the care you need in the event of an emergency, but also the ongoing care associated with a long-term illness. The majority of people cannot afford such care out of their own pocket, which is why this safety net is essential in order to be prepared for the worst. However, even with life insurance is there more you could do to protect yourself against unforeseen medical concerns? Additional forms of health insurance are becoming more common in the workplace – one key example being critical illness insurance.
What is Critical Illness Insurance?
A rising number of companies are now offering critical illness insurance, wherein a lump sum will be paid to the claimant in the event of specific serious health events or diagnoses, such as cancer or a heart attack. Such policies ae commonly sold to workers who are employed in environments that are more susceptible to such health issues, such as factory workers.
What Are the Benefits?
Critical illness insurance is said to provide peace of mind above and beyond traditional medical insurance, as it offers additional financial aid in the event of a worrying diagnosis. The lump sum payment comes with no restrictions and can be used for essential things beyond medical care, such as living costs and mortgage payments. This can be invaluable considering all of the additional costs that may arise as a result of a long-term or critical illness, particularly for those with few savings under their belts. Often, rather than buying a critical illness plan in yearly instalments, critical illness insurance can be purchased for longer periods, which can make it good value for money in comparison to yearly health insurance fees. Critical illness plans are particularly useful for those who are at high risk as a result of family medical history.
What Are the Drawbacks?
In some cases, insurers typically attempt to underpay claimants, meaning that they do not get good value for money from purchasing this type of insurance. This is why it is essential to get a good lawyer when filing a critical illness claim, as they will be able to fight your case in order to get a fair deal. In addition, critical illness insurance policies are very tightly defined, covering a list of specific illnesses and circumstances. In some cases, specific forms of cancer are excluded from the list of covered illnesses, which can sometimes make it very difficult to make a claim.
The Verdict
Critical illness insurance can be a valuable fall back for those who are not very good at putting savings aside. They can provide the essential finances that you need to get by in the event of a serious illness. If critical illness claims are dealt with properly with the correct legal help, then you are likely to get a deal that makes it worth the investment.