Critical illness insurance founded by Dr Marius Barnard in 6 October 1983. It’s goal was to insure people from unexpected financial losses due to dread disease.
Today, critical insurance covers many serious conditions such as heart attack, stroke, and cancer. It pays a lump sum if you’re diagnosed with a critical illness or have undergone surgery covered by the policy. The insured can receive up to $2 million in lump sum payout, tax-free.
If you haven’t looked into critical illness insurance yet, NOW is the time to consider because you can only purchase it while you are in good health.
Start by ask yourself these 3 important questions:
- If I had a heart attack yesterday, what are the 3 most important things you want to take care of today?
- If I had been diagnosed yesterday with final stage cancer, what are the 3 most important things you would be worried about today?
- If I had a stroke, what are the 3 most important things you would want taken care of today?
If you had a stroke last night, you might not be able to talk or write down the 3 most important things you want to be taken care today.
If critical illness strikes, do you wish to worry about your finances when you are fighting for life and survival? This is why NOW is the best time to take action.
To determine the amount of coverage you need, you can ask yourself the questions below:
Personal Needs
In event of critical illness:
- If you are a homeowner, do you want your mortgage paid off. What is your mortgage balance?
- If you are a parent, will your spouse be able to fund your child’s education? What is the amount you need?
- Do you want your credit card debt paid off? How much is your credit card debt?
- Do you want to make sure all your other financial obligations are met? How much would you need?
Business Owner Needs
In event of heart attack, stroke or cancer:
- What will happen to your business?
- Who would be responsible for running your business?
- How much is your employees’ wages every month?
- Your business may be able to carry on, but will it be profitable without you?
- Do you want your business loans paid off. What is your loan balance?
- Do you want your lines of credit paid off. What is the amount required?
- What is your obligation towards your building lease/mortgage payments?
Health is not guaranteed, therefore you should protect your family, your business and yourself with critical illness insurance. Need help to get started? Talk to an experienced Financial Adviser today.
