Critical Illness Insurance: The Popular Personal Cover

critical ilness insurance

Living in the busy world of today, being workaholic is nothing new, in fact for most people it’s a way of life. It’s easy to get carried away with the busy work schedule that we actually start taking some things for granted, like our health for instance.

Considering stress is part of daily life, it’s not surprising many stress-related issues, such as mental load which in turn leads to more serious cardiovascular problems like stroke and heart attack, affects so many people and since health is a person’s most valuable asset, it’s in your best interest to get insured, opting for critical illness insurance as your safety cover.

Usually we think of insuring our vehicles, homes, businesses, but rarely do we consider insuring ourselves; as much as we’d like to keep thinking positively, bad things happen, it’s the way of life, you’re fine one day and the next your life turns upside down, so it’s best to be prepared beforehand.

If you still don’t consider this kind of insurance a valuable investment, ask yourself this question: What’s going to happen if you end up bedridden for a long period, months or years, without being able to provide for the family and take care of the expenses, being the sole financial provider at home?

The reason critical illness insurance has become popular when it comes to personal insurance is because critical illnesses are costly on their own, particularly if they are prolonged, and the insurance cover comes as the safety net especially in cases where emergency funds are non-existent.

What’s important to point out, however, is not to confuse this insurance cover with life insurance because they aren’t one and the same. Furthermore, there are more aspects that you have to look well into before you make the decision on the insurance, in the likes of the scope of cover, the benefit and waiting period, as well as the ownership structures so if you don’t exactly know how to choose, it’s best to leave it in the hands of professionals.

Though it’s meant for critical illnesses, it doesn’t mean just about any condition makes you eligible as there is a specific list of conditions the insurance covers which you have to check. Another aspect that might not give you eligibility for this coverage is already having an employee benefits package. Looking on the bright side of it, what’s great about this kind of insurance is it doesn’t cost much, particularly if you get it through your employee.