We all know that cash is no cure when someone becomes ill. But if you do become sick, with a condition such as cancer, multiple sclerosis (MS), heart attack or stroke, you can be prepared for the financial implications if you have critical illness coverage.

I think of this insurance as a type of safety net. If you are self-employed or are not protected by a group plan, the one-time, lump-sum payment can help you maintain some financial control in the period after you’ve been diagnosed. It will pay for things like home care, child care or travel outside the country for specialized treatments that are not available locally. It can even be used to supplement the income of a family member who takes time off work to care for you.

Critical illness insurance, like income replacement coverage, is a living benefit. In other words, it provides you with some security and options while you and your loved ones are figuring out significant critical health changes in your lives.

Let’s talk about critical illness insurance.