5 Ways critical illness insurance can be a Life Saver Financial

He was a world renowned heart surgeon Dr. Marius Barnard, who created critical illness insurance, as he saw how the financial crisis stress that accompanies cancer, heart attack and stroke was killing his patients. This type of insurance usually gives you a lump cash payment if you are diagnosed with one of the diseases specified in your critical illness policy.

No matter how you use the money, critical illness insurance is always one thing: It reduces the financial stress

But one of the challenges of Critical illness insurance. is to understand the many ways you can use the advantage-of the money paid, if you ever need them. Here are some of the ways that I have seen:

1. To pay deductibles, copays and other reimbursable costs related to health care. This is the most obvious use, especially as deductibles and expenses out-of-pocket for health insurance plans continue to increase.

2. The costs are not covered by health insurance as travel, hotels, childcare, etc. I know a person who had great health insurance plan. He was diagnosed with colon cancer. His doctor told him... "You have to go to MD Anderson" To complicate the issue, he and his wife had just had a child So they took her father-brother along to watch his son he had to loading airfare, meals and hotel expenses to his credit card. a few years later, he was still paying the credit card.

3. the income protection , especially for the self-employed. If a self-employed person has an income protection plan, including disability insurance, it is likely will be a 0-day washout period before benefits are paid. a self-employed person I know has been diagnosed with cancer. she would take her chemotherapy treatments on Friday. Then she would use the weekend to recover and try to be back at work on Monday or Tuesday. it has not failed enough working days to respond to his elimination period. She has cancer impact on income? Significantly!

4. Mortgage Protection. Many people buy life insurance so that if something happens to them, the family home will be refunded and the family will be able to stay at home. But what is most likely to occur while paying on a mortgage in the death or serious illness? By age, you might be up to four times more likely to suffer from a serious illness while paying a mortgage than to die.

Generally, the insurance that covers two to five years of mortgage payments will help significantly by the transition. Much reflection question is: "Would it reduce your financial stress if you are diagnosed with cancer to know your mortgage will be paid for two years"

5. Renovation of a house or? a car. I had a woman tell me that her husband had had a stroke. The couple had to take a second mortgage to make changes at home, including a ramp, changes . important in their bathroom, and widening doors to the chair

No matter how you want to use cash, critical illness insurance is always one thing: It reduces stress financial. There is always emotional stress for families with a family member who has a serious illness. emotional stress increases directly with financial stress. a critical illness plan reduces the financial stress, which reduces stress emotional. If you wish to learn more about this important coverage, contact your insurance agent or advisor.