Why is Critical Illness Insurance So Helpful? – The insurance blog

Why is Critical Illness Insurance So Helpful?

Critical illness insurance is a more comprehensive life insurance. The cost of having one of these ailments can be thousands of euros, money that these policies help you to face, so that you only have to worry about your health.

Half of men and 1 in 3 women will have cancer throughout their lives , according to a report by the Spanish Association Against Cancer (AECC). Only in 2019 were diagnosed 300. 562 new cases. In total, about 1.5 million people in Spain suffer from this disease.

In 2019, tumors were one of the main causes of death in Spain, with more than 100. 000 deaths. However, diseases of the circulatory system, such as heart attacks, are the ones that cause the most deaths among Spaniards , according to data from the National Institute of Statistics (INE). In short, we are talking about serious ailments that, even if they are not fatal, involve a long and hard process for thousands of Spaniards every year. And, unfortunately, also a huge financial cost .

How much does it cost to get cancer in Spain?

Cancer is one of the conditions about which there is more information. According to the AECC study, it is an ailment that costs Spanish society about 19. 300 million euros every year. Although a part is paid with public money, the 45% runs to charge of patients and their families . For example, a localized lung cancer assumes a person about 63. 000 euros in total. In the case of breast cancer, the average cost is about 59. 000 euros.

In addition, according to this same study, people who suffer from cancer lose a large part of their monthly income. This can happen for many reasons: for example, if they have to ask for a reduction in working hours or if they are granted incapacity for work. The 30% of patients lose some 300 euros per month, but 4 of each 10 lose between 800 and 1500 euros . Likewise, in many cases there is a family member who stops working to take care of the sick, with which the fall in their monthly income exceeds, in 8 of each cases, the 300 Euros per month.

A serious condition can not only force you to stop working, it also involves additional costs: pharmacy, travel, works in the home to adapt it to the patient … For example, a woman with breast cancer can pay between 700 and 3000 euros only in pharmacy. And a person with bladder cancer assumes, in most cases, between 350 and 750 euros only in medicines.

Can life insurance help me if I have a serious illness?

Life insurance covers death from any cause , whether due to a serious illness (cancer, heart attack…) or for any other reason. If you take out one of these policies and get sick, your beneficiaries will receive the compensation money if you die. Its objective is that your loved ones can maintain a certain standard of living when you are gone and do not have to worry about money.

However, to be truly protected against the possibility of having a cancer or a heart attack, the most advisable thing is a insurance of serious diseases . As we have already said, a condition such as cancer can not only be fatal, but also entails a huge financial cost for the patient and their families. What if the disease did not allow you to work? What if your partner abandons his job to help you? The expense it entails for a person can leave them in a very difficult situation, which they will have to face when they are recovered.

What is critical illness insurance?

The possibility of suffering one of these ailments is, unfortunately, very real. But luckily, the chances of overcoming it are also very high. Therefore, we must think about what economic situation we want to have when we recover. Treatment is already a very hard process, it is unfair to have to worry about how much money you will have left when you heal. To avoid this, there are insurance for serious illnesses.

These policies work like traditional life insurance, but they are more complete. If you are diagnosed with a serious illness, you will receive compensation so that you can meet the expenses derived from the treatment and the medical costs. In addition, they include many other benefits. Each company adds different coverage, but they usually also include medical assistance 24 hours, second medical opinion, travel assistance, funeral expenses … The quickest thing is to go to our comparator and see what each company offers you, to choose the option that best convinces you.

What diseases does it cover?

In general, these policies include all ailments or medical situations that can be considered severe: cancer, kidney failure, transplants, cerebrovascular accidents (e.g. stroke), myocardial infarction … Each company details which specific diseases their policies cover, so you can consult and compare between them.

How does serious illness insurance work?

Insurance for serious illnesses is doubly useful.

  1. If you are diagnosed with a serious illness, the compensation will allow you to face the medical expense , so that you and yours can focus on recovery. Keep in mind that the disease must be diagnosed after contracting the policy . If you have it before and you lie to the company, it will not be obliged to compensate you when the time comes. After diagnosis and payment, the policy ends.
  2. If you die for any reason (a car accident, for example), the compensation would be received by your beneficiaries . In the event that death is due to serious illness, keep in mind that the policy would have already paid you and would have been terminated.

However, there are different modalities and it all depends on which one you hire. For example, there are insurance for serious diseases that advance a part after the diagnosis, so there is still money left in case you die.

Choose the option that best suits you

There is no perfect insurance, but there is the perfect one for you . Therefore, our best advice is that you choose what is most important and choose the coverage and conditions that best suit your needs. From our platform, you can choose up to 4 policies and compare what they offer you: price, coverage, requirements …

The serious illness insurance is a guarantee of peace of mind . Thousands of people suffer each year from one of them and assume a high price for their health. Trust the specialists to protect your economy and yours. You join?

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