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Critical Illness Insurance

Every year, more than 795,000 people will have a stroke, 735,000 will have a heart attack, and 1.7 million will be diagnosed with cancer. critical illness insurance can help when facing these kinds of medical challenges. The last thing you want to think about is the financial effect of your illness.

What Is Critical Illness Insurance?

Critical illness insurance is a type of supplemental insurance. Like other supplemental insurance, critical illness plans can help fill the gaps in your health insurance coverage in the event of an unexpected and catastrophic medical event.

If you experience a qualifying illness, critical illness insurance policies payout lump-sum cash benefits directly to you. Common qualifying events include:

• Advanced Alzheimer’s Disease

• Amyotrophic Lateral Sclerosis (ALS)

• Benign Brain Tumor

• Cancer In Situ

• Coronary Bypass

• End-Stage Renal Disease (ERSD)

• Heart Attack

• Illness-Induced Coma

• Life-Threatening Cancer

• Major Organ Transplant

• Stroke

Because the benefits are paid directly to you, you can use it for whatever you need (out-of-pocket medical costs, mortgage payments, or even transportation expenses). But you cannot purchase this type of plan after an illness has been diagnosed. In order to receive the cash benefit of a policy, you must be first diagnosed after the waiting period of your policy.

How Much Does It Cost?

Like most supplemental insurance plans, your premium will depend on a few factors. First is the benefit amount you choose. According to the American Association for Critical Illness Insurance, benefit amounts can range from $10,000 to $1 million. Your age and gender will also influence your monthly premium. Many insurance companies will offer a cash benefit amount of up to $50,000 without requiring you to take a medical exam.

What Critical Illness Insurance Is NOT

A critical illness insurance policy can cover a myriad of medical events. However, that doesn’t mean it offers “all-in-one” coverage.

A Qualified Health Insurance Plan — critical illness insurance plans are not designed to replace your health insurance plan. They do not provide the overall coverage a health plan does. Critical illness insurance is designed to supplement your existing health coverage.

A Cancer Insurance Only Plan — certain types of cancers are often included in critical illness plans. However, that is not all they cover. Strokes, heart attacks, and other illnesses can also be covered by critical illness insurance plans since they are more comprehensive.

A Life Insurance Plan — although life insurance is also a type of supplemental coverage, critical illness insurance is not a type of life insurance.

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