Most probably you have had a call from your bank or from insurance companies offering you of critical illness insurance. You might have been turned off from the idea because it seems to be you are preparing for you to get critically ill in the future to avail of the insurance.
But in reality, it is better to be prepared for all circumstances especially if cancer, heart problems and other hereditary illnesses run in your family. Of course, you would not want to be diagnosed with these diseases in the future but if you are at risk, it would not hurt to be prepared for any possibility.
It also covers injuries
Nasty injuries could also be covered by this kind of insurance. Trauma or critical illness insurance is also for injuries which could be more likely especially if your work involves physical or manual labour, where the possibility of you getting injured is very high. If you are looking for trauma insurance quote from various insurance companies, remember to check certain factors.
For example, it should not only include your medical expenses, but also you and your family’s expenses while you are recovering. How will you be able to provide for your family if you are not earning and you are out commission because of your injuries? Compute your daily expenses and other bigger financial responsibilities such as payments for mortgage and educational expenses. Debt payment if there are any must also be included.
It covers a wide range of health conditions
Some have this notion that critical illness insurance is only for cancer or heart problems but in reality, it not only covers injuries but also other illnesses such as Alzheimer’s major organ transplants, burns, permanent blindness and major trauma to the head. So, even if you don’t have any major hereditary illnesses that runs in the family, it is still recommended that you avail of this insurance to be prepared for other scenarios.
Avail of it if you have a family that depends on you
A critical illness insurance is as important as life insurance, especially if you have a family that depends on you. You would not want your family to be in trouble should anything happen to you and one of those things you could do to make sure that they are well taken care of even if something is to happen to you.
People who have debts such as mortgage or personal loans are also encouraged to avail of this type of insurance, or those who have little to non-existent savings to cover their living costs when they are not unable to work. If you fall within this category, it is time that you seriously consider availing of critical illness insurance to avoid having more financial issues in the future.
Critical illness insurance is also necessary since there might be some medical costs that might not be covered by your health insurance provided. This could also be a source of your income if you are no longer able to work and it could also cover the costs of your new living situation in case of accidents and injuries.