Why Should Employers Get a Critical Illness Insurance Coverage?

Life is unpredictable most of the time. One day you are enjoying the best moments of your life. The next thing you know, you are bedridden in a hospital due to an unfortunate accident. It can be one of the darkest and most stressful moments in your life in case it does happen to you. We can never stop unexpected accidents and unfortunate events from happening, but at least we can do something about it.

There are insurance policies that are suitable for individuals. You can choose from life, health, travel, and critical illness insurance in which you think will suit your needs. On the other hand, a group critical illness insurance policy for employees/workers. These types of insurance usually cover illnesses such as heart attack, cancer, and organ failure among a few.

Why companies should get critical illness insurance

For one thing, getting insurance can help you a lot when serious illnesses occur. Paying for hospital bills and medications can be financially draining. This is how critical illness insurance can come in handy. When an employee gets sick due to a serious illness, a cash benefit will be given to him/her. The cash payment will help a lot in paying hospital bills and the medications and therapies needed for recovery.

As mentioned, life is unpredictable. Just when you think you are healthy and well, you suddenly go down with a sudden illness that can change your life forever. Medical and disability insurances can help in paying for your medical expenses. However, these may not cover all expenses included in having a critical illness.

This is one major reason why critical illness insurance can be a good insurance policy option. It helps employees be prepared financially in the event that the person gets afflicted with a serious illness. Aside from the hospital bills and medication, a critical illness may also cover other medical expenses such as travel expenses for treatment and childcare among a few.

What to consider in getting a critical illness insurance

health insurance document and a stethoscope

There are some things to think about if you are considering to get critical illness insurance. For example, find out what type of critical illness you might be susceptible to. Perhaps your family has a history of heart disease or cancer, which are usually covered by this type of insurance.

It is also important to choose a policy that you can afford. The last thing you want to happen is canceling your policy because you cannot pay for the premiums. Also, some companies offer critical illness insurance as a standalone policy. On the other hand, it may be a rider to an existing health or life insurance offered by an employer.

There are additional benefits you can add on to your existing insurance. Of course, it also means paying for additional premiums. Among these optional benefits may include:

  • Total permanent disability coverage
  • Joint life separation option
  • Disability waiver

Waiver of premium

These are some of the things you need to consider if you are planning to get critical illness insurance. It may mean additional expense on your part, but it will be for your own benefit in the long run.

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