Pros and Cons of critical illness coverage - AmericaNowNews.com

Pros and Cons of critical illness coverage

You know about life insurance, of course, but what about critical illness insurance? It's becoming more popular as healthcare costs keep rising.

Critical illness policies provide you with a lump sum, if you're diagnosed with certain diseases. That money can then be used to cover the expenses your health insurance doesn't cover.

Co-pays, deductibles, or living expenses, for example, can be covered. Treatment for cancer, heart disease and other ailments is very expensive. And most bankruptcies right now are related to medical bills.

So if you have a family history of cancer or other serious illnesses, you may want to look at a critical illness policy, but make sure you read the fine print.

There may be very specific criteria that must be met before you'll be paid benefits, even if you are diagnosed with an illness that appears to be covered.

One other option is to make sure you're stashing money in a flex spending account or health savings account, and your rainy day fund.

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