Critical illness insurance is not just for individuals

The very thought of your loved ones being diagnosed with a critical illness is scary enough to wake you from a deep sleep. This prospect is horrifying and therefore one must be prepared thoroughly in order to face such a situation. Critical illness insurance helps individuals to safeguard themselves in financial terms in the event where one of their loved ones is diagnosed with a serious illness. Critical illness insurance does this safeguarding by providing a tax-free lump sum amount to the holder of the policy.

This is instrumental during testing times for the financial stability of the family. Because, it becomes very difficult to sustain a family if the breadwinner has been critically ill, in which case he/she cannot work for the time and thus the policy payout will help in supporting the family in the absence of any other source of income.

Medical expenses are also shooting through the roof and critical illness plan helps you to pay for it without upsetting your financial standing. It is not just individuals who can benefit from this type of policy as businesses can also benefit by offering such aid to its core or key employees in the event of critical illness.

Despite the huge benefits afforded by critical illness insurance, the number of small businesses who have invested in it is insignificant. This may result in avoidable exposure to financial risks because if any important figure becomes critically ill, and does not have critical illness cover, and is unable to work then the functioning of the business is likely to be affected in an adverse way.

Therefore, it is widely evident that critical illness insurance is as beneficial to the businesses as it is to the individuals. Thus, companies ought to take a call between saving money in the long run versus saving money of premiums.