What is Critical Illness Insurance?

This is a Limited Benefit Policy, not a comprehensive major medical plan or a Medicare supplement policy.

This type of insurance is designed to reduce the emotional and financial stress that comes with the diagnosis of and recovery from a critical illness. This should help families shrink or close the financial gap and focus on getting well, not paying the bills. With the advancement of modern medicine, people will continue to survive illnesses and diseased that at one time were fatal. The cash payout from a Critical Illness policy can provide valuable financial support when it is needed most and with more people surviving serious illness and disease now more than ever, they need for more complete health care planning can be crucial.

What illnesses are covered?

These plans cover for illnesses such as Cancer, Heart Attack, Stroke, and Alzheimer’s disease. They usually pay out as one lump sum upon diagnosis, but some plans will allow a monthly cash benefit.  You have complete discretion on how to spend the money, it could be used for out of network medical costs, experimental treatments or even to pay your mortgage or rent.  You do not have to show any bills or receipts, there are no strings attached. Besides the most common occurring critical illnesses, today’s typical plans cover a broad range of critical illnesses such as:

  • Alzheimer’s Disease
  • Blindness
  • Brain Tumor
  • Cancer
  • Coma
  • Coronary Artery Bypass
  • Heart Attack
  • Kidney Failure
  • Major Organ Transplant
  • Parkinson’s Disease
  • Paralysis
  • Stroke

While we do not consider Critical Illness insurance a replacement for your health insurance, it is an important supplement benefit that can provide much needed financial relief and flexibility.

Take time to explore these Critical Illness options and planning can protect your family and ease financial concerns when you need it the most. Many companies have a return of premium benefit that can be added to the policy, so if you happen to be in the group that does not suffer one of those diseases, you can get all your money back.  You really have nothing to lose.

Give us a call today to get a quote on a plan that you feel would best suit your needs.