FIXING YOUR BETS AGAINST CRITICAL ILLNESS
We are all reducing our risks every day: whether by buying certain stocks to limit losses in investment opportunities, or taking preventative measures like washing hands in order to reduce our chance of getting sick. Being prepared is always better than being caught out in the rain when a crisis hits. However, many people don’t think of how insurance can be a part of preventing certain risks by covering you in the case of an unexpected event. These events should include some type of coverage that protects your nest egg in the unfortunate happenstance that you are diagnosed with a critical illness, which does away with your earning potential.
You might think that you are going about your business in everyday life in an effort to protect yourself, but there is no way to keep yourself healthy in every situation:
Men are 50% more likely to develop cancer at some point; women’s likelihood is around 33%
Every year over 1.4 million Americans have a heart attack- only 12% are over 65; as a result, many who survive have to later return to work
Every 40 seconds, someone in the U.S. has a stroke
Every year, one out of every eight people over 65 succumbs to Alzheimer’s disease
The cold, hard fact is that you are over five times more likely to be diagnosed with a critical illness before the age of 75, than to die within the same time. this means that both medical and life insurance are great to have; unfortunately, both have their pitfalls in one way or another.
For example, say you are 45 and you suddenly get diagnosed with cancer. There is a great chance that some of your expenses related to your treatments aren’t going to be covered by health insurance. Some people wonder what to do if we are still living when our bodies decide to attack themselves.
Therefore, you should be ready for a possibility that in the future your doctor may start spouting off words like ‘heart attack’, ‘stroke’ and ‘cancer’; critical illness insurance is the way to be ready for that possibility, to fill the gap. Your greatest asset might just be the ability you have to earn a living; when this asset is taken away from you, this coverage can fill the gap so the bank doesn’t foreclose on your house. It should be comforting to know that while there is the possibility of receiving a diagnosis that makes working impossible, there is a counterbalance of a lump sum that can help you avoid a financial problem while you recover. This is how you can fix your finances against the statistics of critical illness that might be overwhelming.
If you are diagnosed with illnesses or conditions that are outlined in your policy (and some numbers can be as high as 35), the cash that you receive as a payment can pay off your house, help pay tuition, keep your business above water, or get medical treatment beyond your health insurance’s coverage. However you use the lump sum payment is up to you; no matter how you fix your finances, critical illness insurance can be the difference between ruin and recovery- most of us, though, would choose recovery.
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