Critical Life Insurance

Many companies have been offering critical illness insurance as a part of the employment benefit. The Guardian Life Insurance Company of America is one of the known names in providing such group beneficial critical illness insurance.

In spite of health insurance and other investments, many of the families of the employees are seen to go through lot of financial struggle and stress. That is why many employers feel the need of critical illness protection for their employees. Guardian has been offering such group policies to enhance the stability and security of the financial future of the employees in case of any critical illness.

The critical illness coverage offered by Guardian is a combination of various benefits and is of three types:

(A) Coverage that involves a lump sum for six major illnesses or medical conditions:

1. Cancer
2. Heart Attack
3. Stroke
4. Major Organ Transplant
5. Kidney Failure
6. Coronary Artery Bypass Graft

There is also a recurrence feature in case of the policy holder experiencing the

above mentioned illness for the second time.

(B) Coverage that includes a hospital admission rider that offers per day benefit for hospital stays for any medical condition including injury.

(C) Coverage for complete routine screenings and procedures for finding out the presence of critical illness in the initial stages.

For those who have been complaining about critical illness insurance being an expensive policy, Guardian’s group critical illness insurance is offered at a much affordable rate. Guardian also provides coverage for the other medical conditions other than the six common ailments. The best thing is that the coverage is given irrespective of the person’s medical history which makes it all the more convenient to get critical illness insurance.

The customer support team of Guardian has a dedicated team for educating employees about critical illness insurance cover. The employees also find it easy to approach the support team with their queries.

If you are an employer and are looking for a group critical illness insurance, then you should think of the Guardian Life Insurance Company of America as one of the top options because not only it offers affordable policies but also provides new and flexible benefits and education on critical illness insurance.

Even though there have been remarkable inventions in medical science, it is a known fact that people do get afflicted with various diseases every day. And so it does become important to have financial security especially when a critical illness strikes. This is because the finance is the first sector that suffers setback during the period of ill health of a person. Many of them would not have planned any investment for this purpose. Hence having a critical illness insurance becomes very vital in this modern age.

What exactly is critical illness insurance? This particular investment pays off when an individual is diagnosed with a serious disease or illness. A lump sum is offered to the policy holder after the diagnosis and this amount can be used for any purpose as per the patient’s desire or need.

If you have a critical illness life insurance, then you can opt for the right treatment without thinking of its cost and also your family will feel financially stable and secure.

Many people feel that they do not need critical illness insurance as they have a life insurance or disability insurance already. That is why it becomes so important that all of us need to understand the difference between all the three types of insurance. Life insurance offers money before or after the policy holder’s death as per terms and conditions of the policy. Disability insurance offers the amount when the policy holder becomes disabled and is not able to work. Critical illness insurance is the money that is paid when the policy holder is diagnosed of a critical illness such as heart attack, cancer, stroke and so on.

The concept of critical illness insurance has been very popular in South Africa, UK, Ireland, Australia and New Zealand. It is catching up slowly in United States. The experts believe that in future, it will become a necessary investment like life insurance.

Some term life insurance companies are offering critical illness insurance along with life insurance or term assurance to the buyer of a house. In case, the policy holder is diagnosed of critical illness and in case of the policy holder’s death, the family can easily pay off the rest of the mortgage amount.

Many employers have been offering critical illness insurance as a work place benefit too. It is definitely an added benefit to the employees as it makes them feel special and it secures their finance too.

It is during the time of crisis that the benefit of the critical illness insurance is seen as a very wise and a vital investment for the future. It is a way to breathe in some relief into the life of the patient who is already struggling with the aspect of the deadly disease. And that is why, it is becoming popular now a days.

Have you seen your friend falling critically ill and his/her family struggling hard to keep up with the expensive treatment costs? Are they compromising with the quality of the treatment due to the inability to pay those huge medical bills? Well, things would have been different if they had taken critical illness insurance cover.

Many tend to confuse critical illness insurance with any other health insurance. And that is the reason they wonder why do they need to purchase critical illness insurance separately.

When the person, who has bought critical illness insurance, is diagnosed with any critical illness, a lump sum is given to him that can be used in any way he/she likes. The critical illness insurance provides relief from financial mess for the policy holder and the family. Even though other health insurances are very important, they do not offer coverage or facilities that the critical illness insurance offers.

The ultimate amount offered by the critical life illness insurance policy can be used for any purpose. The money can be utilized for any critical purpose as follows:

• Alternate treatment
• Travel expenses while receiving the treatment
• Care for kids or elders
• For domestic expenses as the policy holder will not be able to work
• A relaxing vacation with your family
• A wheelchair if needed

In this way, the lump sum can be used for any beneficial purpose. Thus the policy holder and his family are relieved of the stress and the burden of finance in the difficult period of the serious illness. The policy holder can afford the best treatment and can take some time off work. He also does not have to worry about the mortgage due as it will be taken care by the policy if it complies with the policy taken.

Usually the life and critical illness insurance protection offers coverage for the following:

1. Heart Attack
2. Stroke
3. Cancer
4. Multiple Sclerosis
5. Kidney Failure
6. Major Organ Transplant
7. Alzheimer’s Disease

Critical illness insurance cover is offered as supplement to other health insurances by many companies. It is also offered as a work place benefit for the employees.

It is vital to have critical illness insurance as it reduces your financial stress and strain and helps you to concentrate on your treatment and recovery. After all, you are worth it.

There are situations when one’s health breaks down unexpectedly and the near and dear ones find themselves in a big financial mess. So it becomes very important to have a sort of financial security in case of any unforeseen critical illness. Critical illness insurance is one such cover that is offered for a family in case of the policy holder is diagnosed with any critical illness.

So why do you need a critical illness insurance? The times of critical illness of a dear one can impose lot of strain and stress on the family members, especially in matters of finance. The treatment of that critical illness can cost a lot leading to the financial insecurity of the family. There are many instances when a normal health insurance might not cover the critical illness. You might not be able to afford the recommended treatment during that time. In such cases, critical illness insurance is a life saver.

The original idea of critical illness insurance protection came from Dr. Marius Barnard. It was called dread disease insurance before.

For obtaining this type of insurance, you need not be employed. The critical illness insurance is released as a lump sum that can be used for any helpful purpose that will make your life easier during the critical illness.

Having critical illness insurance is advantageous in many ways:

• You do not have to think of financial constraints and can choose the best treatment for yourself.
• You or your near ones do not have rack your brains for paying those huge, expensive bills. Instead you and your family can spend some quality time together.
• You do not have to mortgage your property or any other asset for the sake of paying for the treatment.

What does the critical illness insurance cover?

The critical illness life insurance usually covers the following critical medical conditions:

• Heart attack
• Cancer
• Stroke
• Coronary artery by-pass surgery
• Alzheimer’s disease
• Blindness
• Deafness
• Kidney failure
• Any major organ transplant
• Multiple sclerosis
• HIV/AIDS that was contracted during a surgery or by a blood transfusion
• Parkinson’s disease
• Paralysis of limb
• Any terminal illness

You can obtain a critical illness insurance in numerous ways:

• You can buy it as an individual policy yourself.
• This policy is usually given at the workplace as a benefit or payroll deduction.
• Some health insurance companies or life insurance companies offer critical insurance policy as a supplement to their policies.

There have been many companies in the market that are offering critical illness insurance like Western & Southern Life, Guardian Life Insurance Company of America and so on. You can go through the reviews available online, compare their premium amounts and the decide on the company from which you want to take the policy.

It has been found from the experiences of various people that critical illness insurance definitely helps to ease the load of the critically-ill patient and his/her family. And from time to time, the critical illness insurance policy has proved that it is indeed a friend in need for the policy holder.

Life is unpredictable. This is absolutely true especially in the matters of health. You never know when the lightning of a critical illness can strike you and your family. And then you and your near ones might find yourself in a big financial crisis that may affect the quality of your treatment. So before you land up in such a mess, it is time that you thought of getting a critical illness insurance policy.

You may ask why critical illness insurance is needed if you already have a health insurance. The normal health insurance usually does not cover critical illnesses like cancer, heart attack, stroke, blindness, Alzheimer’s disease, multiple sclerosis, kidney failure and so on. That is why the life and critical illness insurance protection becomes so important.

You have to understand the terms and the conditions of the policy before you buy it. Read the fine print carefully and understand what is not covered. If any major illness is diagnosed during the policy’s waiting period, then that illness may not be covered. Also if it is a self wreaked injury or a suicidal attempt, then they will not be covered by the critical illness insurance. HIV/AIDS and misuse of drugs are also not covered by most of the companies.

If your family has the history of the same illness, then some companies increase the premium amount. It is very important for you to be completely honest about such a family history with the insurance company. If not, then it might cause problems during the time of payment and your claim might be rejected.

If your age exceeds 65, then there are very remote chances of getting the policy. The policy can be for a fixed period of time or for life. The maximum benefit of your policy is released when it terminates.

There is always a waiting period once you buy the policy. You will not be able to make any claims during this waiting period. Usually the waiting period spans ninety days. The critical illness insurance offers a lump sum that can be used in any way during the period of illness. Once the illness is diagnosed, usually the minimum survival period is thirty days for the insurance to be paid off.

Never purchase a critical illness insurance protection because of its cheap premium. Many a times, these cheap premium policies do not give a complete coverage and you might discover this during the emergency. In the same way, do not blindly take the policy that covers anything and everything on this planet. These types of policies are pretty expensive and not very practical.

Buy a critical illness insurance policy that covers the important and common illnesses and also that offers an affordable and a reasonable premium. You can buy a policy yourself. For details you can always contact the insurance brokers who will give you the quotes of various insurance companies for the critical illness insurance. So what are you waiting for? Get a critical illness insurance immediately. After all, it is a worthy investment.