Protects You from Income Loss
The treatment and recovery cost from serious illness is relatively higher. As mentioned earlier about 5 years is needed for a full recovery and this implies a loss in income. But, why? Critical illness may lead to impairments and may require a long-term rehabilitation plan. This implies that you need a huge sum of money to support your recovery.
This may also mean that you need to take time off to work for your recovery. With this event, you may have used up your savings and in the end, you’ll have difficulty paying your bills. In addition, you may not able to support your family’s needs and daily expenses since your money is even not enough for your treatment costs.
Critical illness involves long-term recovery, so realistically, your savings is not enough to cover all your expenses and needs. The good news about the Critical Illness insurance plan is that you are free to use your pay-out from a critical illness plan especially with your expenses – and this is one of the main differences from a regular health plan.
It is simply flexible to use and can help you get protected from loss of income.
Are Highly Affordable Especially When You Are Young
It is always better to be prepared for the unexpected. You might find getting a Critical Illness Insurance plan is not a worthwhile investment when you’re young especially when you think that it’s not an immediate need.
However, data shows that there is a growing claim with 31-40 years old. Also, please note that this type of plan is much more affordable especially when you are still young. You will also get the full coverage.
Remember also that when you are thinking to get it at the time you are diagnosed with a critical illness, you may end up paying a higher premium or may get less coverage unlike purchasing it while you are still young. Getting also a critical illness insurance plan when you are older is much higher. Your premium may also be affected if you have pre-existing coverage.
It is always better to prepare and you’ll end up being on the safer side. Always think about the long term implications. A critical illness plan is designed to meet your financial needs.
Just like with other insurance plans like car insurance, travel insurance, or maid insurance, a critical illness insurance plan is the best way to be financially prepared for unexpected serious illnesses.