With retirement comes the potential of so much opportunity – to travel, to relax, to spend more time with family, or to tackle a project or write that novel. As you know, retirement also requires plenty of financial planning, because without the proper funds at your disposal, those hopes and dreams can never come to fruition.
While you're busy with a financial planner making sure your future is in a good place, consider adding critical illness insurance to help protect from unexpected illnesses such as cancer.
Critical illness insurance is a type of coverage that can provide a payout after a covered diagnosis. Critical illness payouts can help cover the cost of treatment for the covered illness or possibly a lump-sum, it depends on the policy. Coverage can vary based on company and product; some policies may only cover a few conditions and others a larger array. Certain conditions must be met before a payout is made, so it's important to understand the policy before you purchase one.
It might make sense to seriously consider purchasing critical illness insurance as part of your retirement financial plan. That's because as we age, our health becomes more uncertain, and having a plan in place if something were to impact our health is essential. Additionally, a critical illness policy may not be available after a certain age.
If a critical illness like a heart attack, stroke, end stage renal failure, etc. were to happen to you, how long would your retirement savings last? Would you be able to afford your medical bills, travel costs, and other costs associated with treatment? These costs could be offset by a critical illness insurance policy, and it might be a good idea to purchase one when you're saving up to have the best golden years you can.
If you want to know if a critical illness insurance policy is right for you, contact your financial advisor. If you want to know about a policy, what it covers, and its conditions, contact an independent broker or a licensed insurance agent.
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