Who Should Consider Critical Illness Insurance?

who should consider critical illness insurance

In the game of life, you never know the hand you’re going to be dealt. While this is a difficult pill to swallow, it’s a reality that we must face and prepare for should something catastrophic occur. Even if you have major medical or disability insurance, a serious illness could put a major strain on your finances affecting not only yourself, but the ones you love. That’s where critical illness insurance comes into play should you be diagnosed with cancer, a chronic condition such as Alzheimer’s, have a major organ transplant, a stroke, or heart attack.

Individuals who should consider critical illness coverage:

  • Those who want to limit their financial exposure to significant medical expenses associated with treating a critical illness or chronic condition
  • Families with one stay-at-home parent who are unable to purchase disability insurance for income replacement
  • Single working parents who cannot afford to go without a paycheck for a long period of time
  • Those who want to expand their network of providers and treatment options and seek the best care available no matter the cost or location when faced with a life-threatening situation
  • Those who do not maintain an emergency medical fund or health savings account
  • Those who opt out of purchasing long-term care insurance, but need to have extra money should a chronic condition require home modifications, a change in living environment, care in the home, or a change in the work schedule for a spouse or child caregiver
  • Those who have a strong family history of certain illnesses, such as cancer or heart disease

Critical illness insurance can give you and your family peace of mind to live life with a little less worry. Should you consider this extra policy, many insurance companies such as SGIC, will pay you a lump sum benefit up to $150,000 per critical illness to use however you need it, whether it be household expenses, your mortgage, car payments, medical expenses, travel expenses, etc. If you would like to hear more about our critical illness coverage policy options, please call us today at 888.912.4767 for more information.


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