Maroc - NEWSDAY.CO.TT - A la Une - 20/Nov 04:25

Why you should purchase critical illness insurance

What is critical illness insurance? • A critical illness insurance policy pays a lump-sum benefit when you are diagnosed with one of the covered critical illnesses (for example: cancer, heart attack, stroke). • The payout can be used however you choose, not only for hospital bills, but also to cover income loss, living expenses, or future financial goals. •It complements your regular health insurance (which may only cover medical costs) by protecting you from the financial consequences of a serious illness. Key facts & statistics • Globally, the critical illness insurance market was valued at US$192.3 billion in 2022, and is expected to grow significantly in the coming years. • In one UK-based statistic: only about 12 per cent of adults have critical illness insurance, while as many as one in three people are likely to suffer a serious condition. • Data shows that if a person suffers a critical illness, they may be out of full work (or reduce hours) for three to five years. This means that they will now have the expenses of medical bills with the strain of lost earnings. [caption id="attachment_1191359" align="alignnone" width="910"] -[/caption] • For context, our country’s health system shows non-communicable diseases (like heart disease, cancer, stroke) are major causes of death and health service demand in TT. Why this matters to you (and your family) • As you plan for your retirement, the education of your children, and generational wealth, a serious illness can wipe out years of savings or force you to borrow or sell assets. • If you are the breadwinner, your family depends on your income and health, critical illness coverage helps preserve that financial stability. • The earlier you purchase a plan (while you are young and in good health), the lower the premium will be. • Critical illness insurance allows you to protect your legacy and more importantly, live with dignity as you will be safeguarding your future and your children. You cannot predict when life might hand you its toughest test, but you can choose to prepare for it. Having a Critical Illness Insurance policy is not about expecting the worst. It is about your home, your family, your goals and your future.   The post Why you should purchase critical illness insurance appeared first on Trinidad and Tobago Newsday.