The role of insurance in the event of serious illness
Although no one likes to think about the worst, having insurance for a critical illness diagnosis is essential to cope financially with an already difficult situation both physically and emotionally. As the name suggests, critical illness insurance provides compensation that can be used to cover the costs of daily living or those resulting from treatment and recovery, which are often long and expensive. Depending on the profile of the subscriber and their budget, there are suitable critical illness insurance policies, whether temporary, permanent, or even combined with life insurance or disability insurance.
Critical illness insurance helps protect yourself even if you have a low budget
Contrary to popular belief, a lot of insurance is affordable and can therefore be used to insure against the consequences of the worst situations, as is the case especially when a serious illness is diagnosed. Although the cheapest insurance offers few options, including the possibility of recovering premiums, they do provide insurance in the event of serious illness. Since premiums are set according to age and tobacco use, the contracts taken out by young people and non-smokers are very accessible.
Critical illness insurance pays a specified amount in the event of critical illness
In the event of a critical illness, a health insurance benefit is paid to the policyholder, often within a month of diagnosis, allowing rapid action to be taken to tackle the illness head on. The patient receives this benefit regardless of his income and ability to work, unlike disability insurance which only covers in the event that the disability prevents the subscriber from working. He is also completely free to use it as he sees fit.
It covers the processing costs
Since the provincial plan covers only a small part of health care, critical illness insurance makes it possible to supplement the coverage of expenses related to treatment and in particular health services, special drugs, home care, and supplements, bearing in mind that it is sometimes necessary to travel abroad for an operation or treatment.
It covers the subscriber for the entire duration of the contract
As some critical illness insurance contracts can be taken out without a medical examination, simply by completing a health questionnaire, many people can benefit from this coverage. If the policyholder's state of health deteriorates, and if the premiums are paid, the contract cannot be terminated.
Critical illness insurance secures the mortgage loan and share buybacks
The critical illness insurance contract adapts to the profile of the subscriber.
For people with a mortgage loan to repay, it is possible to provide for the full reimbursement of the loan in the event of a diagnosis of serious illness.
Shareholders, co-owners or partners frequently set up a share buy-back agreement in the event of the death, disability or serious illness of one of the partners. There are contracts adapted to this type of situation, providing for the payment of the amount of the shares in the event of serious illness of a partner.
The subscriber can recover the amount of his premiums
Like life insurance, critical illness insurance offers a return of premium option, to be purchased with the first policy. Thus, depending on the terms of the contract, the premium amount is refunded if the insured has not submitted a claim:
at the end of the contract for term insurance
when he reaches a certain age, as stipulated in the contract
on the death of the subscriber due to another cause, the beneficiaries receive the reimbursement.
No one is immune to contracting a serious illness: a situation that is difficult to manage, but can be predicted financially. Thanks to the protection of a critical illness insurance contract, the subscriber can cover his processing costs, but possibly pay off his mortgage or even allow his associates to buy back his shares.
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