Vital Illness Insurance -The Most Important?

Probably the least known product in the health insurance market, might be the most important of all. Critical illness insurance is an indemnity product, that pays cash directly to you in the event you have one of the specified health problems.

Over sixty percent of all bankruptcies in American are related to medical expenses. The bills at least contribute to the bankruptcy.
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To be more specific, if you are self- employed or an independent contractor of some kind. If you do not work you do not get paid. If you have a heart attack, stroke or a life threatening cancer, sadly you probably will not be going to work for a while. Your major medical insurance will cover all or most of your medical bills. What about your other bills?

We pay the other bills with the income all of us earn from our jobs. We usually cannot call the mortgage corporation and say, I had a critical disease and have been out of work for two months, can I skip by mortgage payment for a while.

Critical Illness, pays a specified amount of money, usually a minimum of $5, 000 and most companies have a maximum of around $50, 000. You pick the amount you think you need at the time of purchase.

In case unfortunately, you are diagnosed with the illness, cash is paid to you for anything you need it for, monthly bills, cash flow, in any case may be.

This is the only insurance product that was not created by the insurance business. It was created by a heart surgeon, named Dr . Bernard in South Africa. Dr . Bernard said in 1983, “If you die at age 30 compared to life insurance is more important, but if you get a critical illness at age 45 or even 50, when you are at the height of the earning ability, and you have an operation plus survive to live another 20 years, compared to critical illness insurance was essential. Where workability decreases and the capability to provide for your financial needs reduces, I think the critical illness policy is much better. ”

Critical illness plans can now be purchased individually or several life insurance policies have it either additional as a benefit or some really come with it. The life policies would certainly cost a little more, but have a wonderful “living benefit” to come with it.

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