Why Is Critical Illness Important

Critical illness covers are policies that pay out a tax-free fixed lump sum if you are diagnosed with a life-threatening disorder that could take away your ability to work and earn an income for the long-term. Because illness can come about at any time, it is best to be prepared for the worst. Being prepared eliminates a great deal of stress when dealing with a condition or illness that takes away your ability to earn an income.

The following are examples of some of the conditions that may be covered under a critical illness policy:

• Heart attack
• Stroke
• Liver or Kidney Disease
• Cancer
• Multiple sclerosis and similar conditions

A policy in place will help you pay your mortgage, manage other types of debt, buy household items, care for your family, or even pay for home renovations
Although many policies cover various types of disorders, always read the exclusion illnesses to determine which policy is the best choice for you. Many policies do not cover certain types of cancer or long term illnesses that will cause you not to be able to work. Also, if you had the illness before you took out the plan; it will more than likely not cover it either.

When A Policy is Needed

It is important for people with a poor financial status to carry critical illness coverage. If you would happen to suffer from a life threatening illness, you would have no way to pay your bills or care for your family. On the other hand, there are people that may not need to have this cover. For example:

• You have a spouse that makes enough money to support you and the family.
• You have enough money in savings that will last a while in the case of being off work with no pay.

Coverage can also become expensive over time so you should compare rates and choose the best policy for you.

How to choose the best policy for