You probably already know that health insurance is a must for virtually everyone. And while you most likely already have health coverage, you may not know that if a critical illness were to strike, you might be responsible for more medical costs than you realize.
So how can you help prepare yourself in the event of a critical illness? Two options you have are critical illness insurance and disability income insurance.
Critical Illness Insurance
If you experience a critical illness like a heart attack, stroke, or cancer, critical illness insurance could help.
According to the American Heart Association, every 40 seconds, an American will have a heart attack, and also every 40 seconds, someone in the U.S. has a stroke.1 And according to the American Cancer Society, the lifetime risk of developing cancer for men is 40.14 percent; for women, 38.70 percent.2
People who experience a critical illness may not be able to work for weeks or months. Critical illness insurance helps pay for deductibles, copayments, or coinsurance and other out-of-pocket medical expenses related to the covered illness. A critical illness policy could make a huge difference between financial security and financial hardship by helping ease the financial burden that comes with a critical illness.
Disability Income Insurance
If you experience a disability and cannot work because of it, disability insurance pays a percentage of your income while you’re unable to work. Disability income coverage may be available through your place of employment or you can buy your own individual plan.
Which Insurance Is Right for Me?
If you’re a working individual and you know you would face financial hardship if you were unable to work because of a disability, disability insurance may be a good idea for you. And since no one is immune to the possibility of a critical illness, a critical illness insurance policy may also be something you should consider. Make sure you understand the benefits and limitations of any policy you buy.
If you have any questions about disability insurance, contact your benefits administrator or a licensed insurance agent from a company that offers disability insurance. If you have any questions about critical illness insurance, contact a licensed insurance agent from a company that offers critical illness insurance.
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American Heart Association, Heart Disease and Stroke Statistics—2019 Update: A Report From the American Heart Association
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American Cancer Society, Lifetime Risk of Developing or Dying from Cancer, 2019
Categories: Critical Illness Insurance, Insurance, Supplement Health Insurance