Being diagnosed with a critical illness is not only emotionally devastating for your family, but it can enhance the financial stress endured by a household. Failing health may leave you unable to work, or unable to pay for necessary medical care, leaving you with no other option but to begin depleting your assets.
These risks are why critical illness insurance exists. This protection is designed to alleviate additional expenses that may arise while you focus on overcoming your health issues. The insurance benefit is paid as a tax-free lump sum amount which can be used in any way that you choose. In addition to any medical expenses which may occur, the funds may be used for things like mortgage payments, home repairs/medication, living expenses or even final vacations with family or friends.