How would your family or loved once cope if you suffered a stroke, a heart condition or were diagnosed with cancer?
Critical illness insurance can help ease the financial impact of a critical illness on your life style by paying you a lump sum when you need it the most.
You probably know someone who has had a serious or Critical illness.
You may have experienced friends or family members who have suffered a critical illness. As a result you will be all too familiar with the emotional and financial stress they may have had to endure.
Suffering a critical illness can affect you and your family in many ways; time off work, lost income, soaking up precious life savings or liquidating hard earned assets.
And if you are off work for a while, and not financially prepared, you could spend precious time worrying about money, when you should be focusing on recovery.
How would your loved ones cope financially if something were to happen to you?
Not only you might lose the income through not being able to work, you might also have to tap into savings or liquidate your assets or bank on new liabilities to meet major costs of treatment and rehabilitation. Not a pretty picture.
However at the cost of less than a dollar per day you could protect yourself throughout your lifetime
· Critical illness can strike at any time at any age
· Its important to also insure your partner even if they are not working, critical illness is likely to have a serious financial ( as well as emotional) impact on family
· Ask your financial advisor about the most cost effective way you can pay your premiums
· You have complete flexibility with your lumpsum payment. It can fund a recovery holiday at a health resort, alterations to your house such as installation of a ramp, or even to help replace lost earnings or savings
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