Critical illness insurance and its benefits
Critical illness insurance gives you peace of mind by providing you with financial assistance in the event of loss of income due to critical illness.
Illness tests people physically and emotionally. A temporary loss of income can place more stress on you and your family, which can negatively affect your recovery. Luckily, even though you can’t foresee an illness, critical illness insurance can bring you peace of mind. If you need it, you will receive financial assistance, which will enable you to focus on your recovery.
Depending on your personal situation, different elements can contribute to increasing your need for critical illness insurance. These factors make it so the financial impacts of a critical illness are even greater:
- If you don’t have a disability insurance plan
- If you live in the country and have to travel to receive care
- If you have dependent children
- And most importantly, if you are the sole provider for your family
There are different critical illness insurance products, that can be adapted to your reality and your budget. You have two options: You can choose comprehensive coverage that covers 25 critical illnesses or a more affordable option, that covers the four most common illnesses.
It’s easy to get critical illness insurance. Just answer a few questions and, depending on your health, you could be accepted quickly. In most cases, you will not have to underdo medical exams, blood tests or other diagnostic tests. You will avoid long waiting times and be able to sleep soundly.
Additionally, most critical illness insurance products include a medical second opinion service, at no extra cost. This reassuring service enables you to get a second medical opinion from a group of specialists following the diagnosis of an illness.
Consult the Transition Index to help you choose. Quickly answer five simple questions and get your Index, which will let you know your level of risk and help you choose the insurance coverage that is most suitable to your reality. A financial advisor can help you through this process, do a complete analysis of your needs and suggest the appropriate critical insurance coverage.