Serious illness cover: ever thought about what might happen if you become seriously ill?
Most people have mortgages and bills to pay. They also have a family to take care and the rest of their lives to make the most of. No one likes to think about all of the catastrophic things that can occur and turn a person’s picture-perfect life upside down. A person can be struck with a serious illness that can cause him or her to stay in the hospital for several weeks. This can result in loss income and high medical pills. Fortunately, there is help available in the form of critical illness coverage, income protection insurance and life insurance.
Critical illness insurance
Critical illness insurance is a plan where a person is paid a lump sum of cash by his or her insurance company after being diagnosed with an illness. People who are undergoing a serious procedure such as heart bypass surgery may also be eligible for critical illness insurance. Additionally, most critical insurance plans require that a person survive at least 30 days after his or her illness is diagnosed.
Income Protection Insurance
Income protection insurance is a plan where a person is paid benefits after suffering an illness or injury that prevents him or her from working. Most people who have suffered an illness or injury that prevents them from working will be eligible for income protection insurance. However, there are some exclusions to this policy. Examples of some of those exclusions include: pregnancy, intentional self-harm, drug/alcohol abuse and criminal acts.
Life Insurance
Life insurance is a plan where a person makes monthly payments to an insurance company. When the person dies, his or her beneficiaries are awarded the money that was paid on the insurance plan. People with children, grandchildren or other relatives that they take care of should have life insurance.
A catastrophe can strike at anytime and change a person’s life for the worst. Fortunately, critical illness insurance, income protection insurance and life insurance help people prepare for the unexpected.
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