Skip to main content

Common questions about Critical illness


Many people in Trinidad and Tobago are not prepared financially when faced with a serious illness, despite having good medical coverage. When faced with a critical illness usually your income reduces but your expenses increase significantly. Expenses in this case not only includes the cost of health care, surgery, medication and medical consultants but those expenses you had before becoming ill. Critical illness insurance can help lessen the burden of increased out-of-pocket expenses so that you can focus on recovery instead of these expenses.

What is critical illness insurance?

Evolution in modern medicine has increased the survival rate for conditions such as cancer, stroke and other major diseases. Unfortunately, this has not reduced the growing rate of persons affected by these critical diseases who are usually unprepared financially for the cost associated with recovery. The purpose of critical illness insurance is to help supplement the benefits of traditional medical coverage and address the financial consequences of certain covered conditions.

What conditions constitute a critical illness?

The conditions that qualify as a critical illness can vary among insurance carriers, but examples of what might be covered include:

  • Heart attack
  • Certain cancers
  • Stroke
  • Kidney failure
  • Alzheimer’s Disease
  • Major organ transplant

What expenses does critical illness insurance cover?

Critical illness coverage allows you to prioritize the expenses that should be paid first. For instance, you may decide to pay off your mortgage, medical treatment or clear off a credit card bill.

How is critical illness insurance benefit paid?

Most insurance companies pay a onetime lump sum payment for the full value of the coverage to the policyholder upon diagnosis of the covered condition.

Should I buy critical illness insurance?

Everyone knows someone who has become critically ill a friend, a co- worker or a parent.  If you were faced with a similar illness, are you financially prepared?

Comments

Post a Comment

Popular posts from this blog

Amazing explaination of crtical illness

This is an amazing video that explains the benefits of critical illness coverage. Critical illness policies pay the entire coverage in a lump sum payment, and only pay for the first illness. It is important to acquire adequate coverage .

A simple budget to increase savings

      . Budgeting is about control          . Understand what's your true monthly income     . Think emergency fund     . List all monthly expenses

How to reduce debt

There is no miraculous solution to eliminate debt, it comes with hard work and determination. Just like an athlete you have to practice good habits continuously. Here are a couple tips to get you started.