Critical Illness Insurance Overview

​Basic healthcare insurance may cover common medical services, but with critical illness insurance, any grave incidents might keep policyholders from dire financial damage. This article will discuss all you need to know about critical illness insurance.

What It May Cover
These types of insurance may pay out in cash, covering for the falling short of basic healthcare insurance. Since emergencies are considered critical, expenses are more expensive than any average illness. Moreover, policyholders may use money acquired from this insurance to indirectly affect the illness, such as transportation and hospital accommodation.

It may cover conditions under the given circumstances:

• Heart attack
• Stroke
• Cancer
• Transplant
• Major surgeries that may pose a huge threat to the policyholder's life

Importance of Critical Illness Insurance
More than basic health insurance, unprecedented emergencies may arise. It's only proper to prepare for grave illnesses when it comes unexpectedly and what they may get from it are convenient. 

• Finance medical services that are needed for the critical procedures
• It might cover other expenses that the basic insurance can't secure.
• For miscellaneous expenses, such as daily costs to ensure that the patient solely exerts their efforts in recovering
• Transportation. The insurance may cover fees incurred going to and from treatment centers.
• For critically conditioned patients, hospitals may grant that they use their grant to spend time with their loved ones and rest. 

Features of the Insurance
Coverage of this insurance may vary, but generally, there are possible facets it may warrant.

1. Tax Benefits
   Owners of this insurance may be granted but can access some tax benefits if they pay their premiums consistently.
   
   
2. Income Replacement
   When diagnosed with a life-threatening illness and the source of income is non-existent, a part of the insurance may pose as a substitute for financial income. 
   
   
3. Low-cost Premium
   The regular balance to be paid is reasonable. Payment fees for critical illness insurance may vary, but these low-cost ones are worth the purchase. With advantageous benefits, the policy may provide reliable security against grave emergencies.
   
   
4. Lump-sum Payment
   At the time of diagnosed critical illness, owners may be granted a lump-sum amount to cover out-of-pocket expenses.

Conclusion
Crucial emergencies must be prepared early to help prevent dire financial predicaments. Acquiring critical illness insurance might save and prolong life.

At Arnold, Bruce & Doerfler Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at  (503) 222-1951. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!