Unemployment Insurance For Critical Illness
It is estimated that 1 out of 4 people will come down with some form of critical illness in their life time. The effects of a critical illness can be devastating both physically and financially. Even if you make a full recovery, there is still the question of loss of salary due to missed work. There are forms of unemployment Insurance to cover in the event of critical Illness. The policies vary according to company and the amount of cover, but can offer some financial peace of mind in the unfortunate event of this happening to you and your family.
Generally, unemployment insurance to cover critical illness pays a one off, tax free lump sum if you are diagnosed with a specific critical illness in the duration of your policy. The length of the policy and the amount of cover are entirely up to you but some companies do impose restrictions. Having a safety net such as this can give you the peace of mind to concentrate on your recovery. However, there are good and bad points to these policies that you need to be aware of.
You and you loved ones are protected financially if you come down with a critical illness. The payment is a one time lump sum so how you spend the money is entirely up to you. The downside to these policies is that all critical illnesses are not covered. Make sure you read your policy carefully to make sure you know what you are getting. These policies generally do not cover for any pre-existing conditions. You also may be given a higher premium if there is a family history of a certain illness. Again, read your policy carefully before you decide.
Purchasing some form of critical illness cover to protect you and your family is a good idea. Your home and essentials will be protected so you can concentrate on recovering. Make sure that you know what you are purchasing. Your policy can refuse to pay if you had a pre-existing condition that you didn’t list. The policy may not necessarily cover the illness you contract. However, with the right policy, your can start your recovery without any financial worries. Look into Unemployment Insurance to cover critical illness, your financial future could depend on it.