Why do I need Critical Illness Insurance?
Critical Illness insurance is actually a very powerful form of financial protection. It pays lump sum benefits when you are sick to help protect your quality of life after the illness.
A serious illness not only affects the physical body, the aftermath of paying for unexpected expenses could also affect money reserves like your savings account, college fund or retirement fund. The fact is, even with other forms of insurance in place, most people are simply not prepared for all the medical and non-medical expenses that come with a major illness.
How could a Critical Illness affect my finances?
Studies have shown that the costs associated with a serious illness have greatly increased incidents of bankruptcy and foreclosure.1,2
While you may expect and be ready for standard charges like doctor fees and medicine, there are other things to consider. For example:
- how would you handle mortgage, rent or car payments if you were unable to work for a period of time due to illness?
- could you afford to take unpaid leave to care for a sick loved one?
- do you have an emergency fund set aside that would cover things like:
- your insurance deductible,
- average monthly bills like phone, internet and electricity,
- help with household chores if you are laid up,
- extra childcare,
How can Critical Illness Insurance help me?
Critical Illnesses happen more often than you think. Learn more here.
Watch this video to learn more.
View and download our Critical Illness White Paper
Policy Form Series SLA-CI11 may not be available in all states. The policy has exclusions and limitations. Benefits may vary by state.
This product is not available in AL, CA, CO, CT, DC, FL, GA, MA, MD, ME, MN, NH, NJ, NY, OR, SD, VA, VT
1National Cancer Institute, “Childhood Cancers”. www.cancer.gov. n.d. Web. 6 Dec. 2011.
2iy. I’m too young for this! Cancer Foundation. Stats & Facts. n.d. Web. 6 Dec. 2011.