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Critical Illness Awareness Month seeks to educate the public about the availability of insurance in the event they are diagnosed with a severe illness.
Critical Illness Insurance provides a lump-sum benefit upon diagnosing an acute illness or medical event. This can include, but is not limited to, conditions such as cancer, heart attack, stroke, organ transplants, coronary bypass surgery, or other severe illnesses as defined in the insurance policy.
Critical Illness Insurance aims to cover costs associated with treating and managing the illness and any financial obligations that may become more challenging to handle due to the disease. These could include daily living expenses, out-of-pocket medical costs, mortgage payments, or even travel expenses related to medical treatment.
Reasons people purchase Critical Illness Insurance include:
Financial Security: Diagnosed with a critical illness can be financially devastating due to high medical costs and the potential inability to work during treatment and recovery. The lump-sum payout from critical illness insurance can provide necessary financial support.
Coverage Gap: Health insurance may not cover all the costs associated with treating and managing critical illnesses, such as deductibles, copayments, out-of-network treatments, or experimental therapies. Critical Illness Insurance can help fill this coverage gap.
Flexibility: Unlike health insurance, which typically pays directly to the healthcare provider for specific services, the payout from a Critical Illness Insurance policy goes to the policyholder for medical expenses, household bills, or other financial obligations.
Increasing Incidence of Critical Illnesses: Cancer, heart disease, and strokes are the most common illnesses covered. Having Critical Illness Insurance provides a financial safety net if such a diagnosis occurs.
Higher Survival Rates: Advances in medical science mean more people are surviving critical illnesses. However, the costs associated with the aftermath and recovery can be steep. Critical illness insurance can help manage these expenses.
Critical Illness Insurance policies specify what illnesses are covered, the specific definitions of illnesses, any waiting periods, and any exclusions that may apply.
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Oct 11, 2024EVENT MANAGER:
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