What is a critical illness coverage policy and what does it cost me if I am diagnosed with one of these illnesses?

A Critical Illness policy is a “deductible protection” coverage designed to protect against some of scariest and wide-spread health issues we face.  A critical illness is a serious medical condition that can strike suddenly and disrupt your life physically and financially. Chances are someone close to you has had a critical illness diagnosis such as:

  1. Cancer
  2. Heart Attack
  3. Stroke
  4. Alzheimer’s
  5. End-stage renal failure.

Critical illness pays benefits directly to the consumer upon diagnosis of any of the covered illnesses.  For example, if you were diagnosed with cancer, or had a heart attack and have a $50,000 critical illness policy, within 90 days of diagnosis you would receive a $50,000 check from the insurance company. These benefits can be used by you as you see fit.  You can pay your deductibles on your major medical plan, your rent or mortgage payments, or just every-day living expenses as you work toward recovery and healing. 

Insurance is expensive enough but having to pay a $5,000-$9,000 deductible could lead to financial ruin for many households.  This is where a critical illness policy can protect you and your family with a substantial lump sum payment to help with time lost from work, or to keep the monthly bills paid in possibly your most crucial time of need.

The financial burden of getting sick is all too real and critical illness coverage is a vital piece to a complete medical insurance plan, so you can rest easily that you are fully protected if that unexpected health issue occurs.