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Why Is There a Need for Major Illness Coverage?

13 Mar 2013 
SOURCE: Peter Lim
Many people are aware of the need to take on life insurance to protect any dependents they would leave behind. However, this form of insurance is not good if you contract a major illness and fall seriously ill. How would your family cope if this happen to you? If you are the major breadwinner in your household and you were suddenly laid up in hospital with a major illness for an indeterminate period of time, how would you cope financially? Life insurance wouldn’t pay out unless the worst happened, so you can start to see why major illness coverage is worth looking at in more depth.

Can you improve your health?

It is common enough to take your health for granted when things are good. However, anyone can fall ill at any time, and while most of our afflictions will likely be smaller ones we may suffer from a serious illness at some point in our lives. This is why there is a need for major illness coverage. Incidentally, you may also see this referred to as critical illness insurance.

You may like to think of this as just one way of taking a more positive approach to your future – whatever it may hold. You can take out critical illness insurance that will pay out a lump sum if you are diagnosed with one of the illnesses or conditions covered by that insurance policy. However you can also take other positive steps to improve your health and make it less likely you would need to make such a claim. For example you can eat a healthier diet and take more exercise to improve your health. You can also take steps to deal with any addictions you may have. This could mean an addiction to overeating or to drinking, for example, as well as to drugs. Most areas have rehab programs of different kinds, a good example being Florida drug and alcohol rehabs. A good path towards better health is to conquer your addictions, any one of which could increase your chances of suffering a major illness further down the line. By focusing on becoming healthier now as well as taking out major illness coverage, you can ensure you are covered while continuing to reduce your risk levels.

Focus on getting cover now in order to get the best value

As anyone with a serious illness will tell you, getting major illness coverage becomes more difficult if you are diagnosed with something serious first. For example, a cancer diagnosis – even if it is for a minor case of skin cancer – can make it more difficult to get the major illness coverage you require. This can apply with plenty of other conditions as well. It won’t necessarily be impossible to get this insurance, but you can expect it to be more difficult and to cost more as well.

The most important thing to remember when it comes to the importance of this insurance is the peace of mind it provides you with. Hopefully you will never have cause to claim on it, but if you are struck down with a qualifying illness such as cancer or kidney failure for example, you know you will receive a significant payout. At a time when your mind will be on your health, wouldn’t it be good to know you don’t have to worry about how to pay the bills? After all, bills need to be paid no matter how sick you are and the last thing you need to be concerned about at such a time would be your finances.

There are plenty of ways you can look to the future and make sure you are covered for all eventualities. However if you thought your life insurance was all you needed in this sense, you can see it is not the case. By having major illness cover in place, you can be sure of being covered for all manner of illnesses that are becoming more common nowadays. No one wants to suffer from heart attacks, cancer or any number of other major illnesses. Yet it would be good to be covered for them just in case, wouldn’t it? Why leave it to chance when you can take control of your life, live more healthily and get insurance just in case you are unlucky to suffer a major illness

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