If you have been on the fence about purchasing critical illness insurance , you may be wondering if it's worthwhile to have. After all, some people who are thinking about buying this type of coverage are young and relatively healthy; being diagnosed with a critical health condition or illness probably seems like a very remote possibility.
Of course, nobody wants to find out they need critical illness insurance after it's too late to obtain coverage; waiting until after a diagnosis or serious health event is too long. Here are the top four reasons you should talk to your insurance professional about buying coverage now:
Having a sudden heart attack or stroke, receiving a cancer diagnosis, or learning you have another critical illness can be physically and emotionally draining. Unfortunately, being unable to work because of a critical illness or health condition brings financial consequences too. You may find yourself struggling to figure out how to make ends meet.
While your world is turned upside down, things like the mortgage payment and other regular monthly bills still need to be paid. Critical illness insurance provides a lump sum of cash benefits you can use to help make ends meet and ensure your family's lives won't be further disrupted by your illness than they already are.
Medical bills are the number one reason people in the U.S. declare bankruptcy, and they can be a significant stressor. Even if you have a great health insurance policy, you may still have to meet a policy deductible before your insurance coverage will kick in. Even then, you may need to make co-insurance payments until you reach your annual out-of-pocket maximum amount. Critical illness insurance benefits can be used to pay these medical bills, easing the burden on you and your family.
You can also use critical illness policy benefits to pay for health care services your regular health insurance simply does not cover, such as experimental treatments or treatments provided in another country.
Finally, the biggest reason for purchasing critical illness insurance now is simply that we don't know what the future has in store for us. Every year, thousands of people receive cancer diagnoses or learn they have other serious medical conditions seemingly out of the blue. There is a lot that still is not known about critical illnesses. If you buy coverage now and continue making premium payments, you can have the peace of mind that comes from knowing you will have coverage in the future.
As with any other type of insurance product, when you buy critical illness coverage, you hope you will never have to use it. However, if a critical illness or sudden covered health event occurs, you will have the financial protection you need so you can focus on recovering - not on where the next mortgage payment is going to come from.
At Symmetry Financial Group, we understand everyone's appetite for risk is different. Similarly, one person’s budget for insurance products may look very different from another person’s. Rather than simply trying to sell insurance products, we take a client-centric approach to covering risks. We work closely with each family to understand their risk tolerance, goals and needs.
Then, we can reach out to our network of more than 30 well-known and respected insurance company partners to find coverage options designed to meet your specific needs, without breaking the bank. There are a variety of critical illness insurance policies available on the market, each with its own specific nuances. Every policy is a little bit different. When you work with Symmetry Financial Group, we will help you understand what various policies do or do not cover, so you can make an informed decision.
To learn more about what sets Symmetry Financial Group apart, contact us or call (877) 285-5402 to learn more and to speak to one of our friendly, knowledgeable insurance agents.