WEIGHING ON THE CRITICAL ILLNESS INSURANCE
Rising cost of premiums remain a concern for most people. The industry, for the longest time, has been grappling with alleviating woes by providing various products to consumers, including critical illness insurance. It basically gives a lump sum payment that is tax-free. The policyholder receives payout if diagnosed with one of the specified life-threatening illnesses stated in the product.
Some experts doubt how the policy can really help consumers even though it is relatively cheaper than other products available on the market. One of their concerns is the insurance firm will only give the payment for certain conditions such as cancer, heart attack, and stroke. Several policies have differing terms and restrictions.
The more illnesses covered by the plan, the greater the premium is. Elderly people should be privy to these products. Some plans include age reduction schedules, which means the potential payout declines as the person gets older.
According to Willis Towers Watson, 44% of employers offer this type of coverage. Since then, the number has surged steadily. The consulting firm projects over 70% of entities will offer these plans to their workers in the future.
Employees normally shoulder the entire insurance. But companies, recognizing the skyrocketing out-of-pocket expenses, have been trying to integrate such plans alongside other healthcare benefits.
If employers cannot provide critical illness insurance, consumers can avail the product on the market. However, it is more costly since one needs to pay for medical underwriting and won’t be able to get the discounted rate.
Before deciding whether to avail the policy or not, you should consider its benefits and limitations, and also alternatives such as creating a savings account for health-related expenses or getting a disability insurance. You should gauge your capacity to manage sudden or out-of-pocket costs especially in times of emergency. Speaking of which, it is vital to save for the rainy days.
Five Value Investing Tips
Which is Better: ETFs or Mutual Funds?
Flashback Friday: Securing Your Salary
Tips to Improve Client Communications
Your Investing Technique: Yay or Nay?
Beat the Stress in Five Ways
POPULAR FOREX DEFINITION
|08:30||Producer & Import Prices||Mar|
|12:00||Bundesbank Monthly Report|
|14:30||NY Fed Empire State manufacturing index||Apr|
|14:30||FOMC Member Charles Evans Speaks|
|16:30||Overview of business prospects, according to the Bank of Canada||1 quarter|
|16:30||Bank of Canada Senior Loan Officer||1 quarter|
|19:00||FOMC Member Charles Evans Speaks|
|02:00||FOMC Member Eric Rosengren Speaks|