Critical Illness Insurance Is Critical
Critical illness insurance is critical.
It may not be the most exciting or glamorous type of insurance, but it can save your life.
An accidental injury (or even a chronic disease) can happen to anyone no matter how careful they are. Without critical illness insurance you could find yourself paying a fortune for medical bills and draining your savings to cover them.
One step towards protection is staying up-to-date with this important safeguard by shopping around for the best policy that offers no exclusions on claims and great benefits such as early reimbursement, free lifetime check-ups, travel assistance , and other perks .
The next step is to make sure you have a critical illness policy in place – but only if you are under 40.
Critical illness plans are designed to protect your family's income in the event that you were diagnosed with a serious illness.
If you wait any longer than your 40s to buy this kind of insurance, then your chances of qualifying for benefits drops significantly .
This is because under most plans, benefits are based on how much money you earn. If by the time of diagnosis, you no longer earn an income or are too ill to work for any extended period, then getting paid will not be possible.
That's why it's imperative to take out a critical illness plan while you are young and healthy – before you turn 40.
The average age of a first-time heart attack patient is 63.
Not all critical illness insurance policies are alike.
There are many types of policies and each can offer unique benefits and access to care in ways that others do not. So it pays to shop around for the best policy that fits your medical needs and your budget. You should also be aware of certain exclusions in any policy, such as pre-existing conditions . Don't assume this will not affect you because it might cost you dearly if there were a major health issue involved – like cancer or heart disease – in the future .
Another thing to be aware of is that premiums can vary widely from policy to policy. So it's best to check around.
Internet comparison searches will usually get you the best deals by finding and showing you quotes from a wide variety of companies.
Policies can also differ in how they are structured, whether they are issued by an insurance company or if they were designed as part of a retirement package through an employer.
One of the biggest issues when choosing between different policies is deciding how much coverage you need. Most policies pay out either a lump sum, or over time, but typically not both at the same time . Some policies may even limit your lifetime payout amount - so read carefully before buying .
The amount you pay for your insurance can be important too. It may affect how much cash you have available for other things, such as a down payment on a house or paying off any credit card bills.
So it pays to shop around. There are several ways to go about this, including:
By searching and comparing online quotes from different insurance companies
By asking friends and family members if they know someone that is happy with their coverage (or their doctor)
By visiting a local agent or broker (see below) Recommended reading: 1. Top 10 Ways to Avoid the Cost of Health Care Dying Without Insurance [VIDEO]. 2. Top 10 Ways to Save on Health Care Costs. 3. Top 10 Ways to Avoid Having a Heart Attack, Stomach Cancer, or Other Life-Threatening Illness without Insurance. 4. How to Choose the Best Health Insurance Plan for you and your family . 5. Aging Folks Need Critical Illness Insurance ! 6. Survivorship in an Age of Uncertainty: Why You Should Buy a Critical Illness Policy Before 40 Years of Age 7. 7 Reasons Why it's Important To Have Critical Illness Insurance 8. Inside The Mind Of An Estate Planning Attorney ... 9. 5 Considerations When Buying Critical Illness Insurance. 10. Top 10 Ways to Avoid the Cost of Health Care Dying Without Insurance [VIDEO]. [ARTICLE END]
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It used to be that only people who were sick sought out and bought health insurance. Now that's not the case. Everyone needs it, including healthy people .
Most people prefer a company with a lower price, low overhead, and low deductibles , but they fail to understand that these companies may never pay out the benefits.
Instead, they pay your medical bills until you reach a certain threshold set by your state's guidelines . And there is no guarantee that they will ever pay anything above this threshold .
Many times, though, the plan will pay out benefits and still leave the insured with a large medical bill.
It happens like this:
The health insurance company offers you a policy with an affordable monthly premium .
The problem is that your deductible is so high that it may be unachievable .
So if you were to become seriously ill , absent a contract requiring payment for certain services first, you would end up paying for more than 50% of your medical bills – which could easily exceed $100,000 – out-of-pocket before your insurance company would pay anything .
Another issue people have is that their policy may not pay for certain illnesses or procedures .
For example, if a person needs surgery to fix the back pain caused by their original injury, then these benefits are usually NOT available under the policy.
So if you had a preexisting condition , you would have to have it fixed before buying health insurance. Otherwise you risk not being able to get it at any point in the future .
It's also important to understand that individual policies can vary significantly from one insurance provider to another.
That's why shopping around is so important . Make sure you compare each policy's benefits and costs as well as its limitations and exclusions .
If you are healthy and young, it's a good idea to buy health insurance while you can.
It's not something that you want to find yourself without when it really matters .
The fact is, though, if you get older and or start having health problems , then the price of health insurance will rise exponentially .
And if you are in an older age bracket with higher medical costs, then it can be downright unaffordable.
Another Problem : Aging Folks Need Critical Illness Insurance !
It used to be that only people who were sick sought out and bought health insurance . Now that's not the case . Everyone needs it - including healthy people.
Conclusion: Buying health insurance is an important thing to put on your agenda.
Especially if you are healthy and young (and plan to stay that way).
It's not a luxury, and it shouldn't be something that you wait until you absolutely have to buy.
If you can't afford health insurance, then you aren't going to be able to afford the medical care that a serious illness or injury may require .
Don't risk it. Buy health insurance now . It's your best protection against getting sick and having issues later on in life.
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