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CRITICAL ILLNESS COVERAGE
What is Critical Illness insurance?
Critical Illness insurance pays a lump sum cash benefit directly to the policyholder in the event of a qualifying serious illness.
Ask yourself this
- If you were unable to work for an extended period of time, could you continue to pay your mortgage or other bills?
- Do you have an emergency fund set aside for an unexpected critical illness or serious medical condition?
If you answered “no” to these questions, you may want to consider a Critical Illness insurance plan. Theses plans may help shift the focus more to your recovery and less on your expenses.
How Critical Illness Insurance Works to Help You?
Critical illness insurance can pay for costs not covered by traditional insurance. The money can also be used for nonmedical costs related to the illness, including transportation, child care, and so on. Typically, the insured will receive a lump sum to cover those costs. Critical Illness benefit pays out upon first diagnosis of a qualifying Critical Illness experienced at least 30 days after the plan becomes effective.
The money you receive can be used to cover whatever needs you have
- Mortgage, rent, and utility payments
- Childcare
- Groceries for your household
- Out-of-pocket medical expenses
- Prescriptions and other medications
- Specialist treatment or rehabilitation
Critical Illness Plan Advantages
- Tax Benefits - You have a tax advantage with your Critical Illness coverage. Typically, money received from Critical Illness insurance is not taxable.
- Flexible Funds - Use the money as you wish to cover expenses associated with a critical illness.
- Benefit Amount Choices - To give you control over the cost of your monthly premiums.
- Combine Plans for Increased Coverage - A Critical Illness plan can be purchased by itself or along with other health plans. Combining multiple plan types can help you get the coverage that’s right for you.
What Critical Illnesses Are Covered?
- Heart attack
- Stroke
- Life-Threatening Cancer
- Loss of Hearing
- Loss of Speech
- Loss of Vision
- Major Transplant
- Paralysis
- Coma
- Renal Failure
- Carcinoma in Situ
- Coronary Artery Bypass Graft
Who needs Critical Illness insurance?
Good candidates for a Critical Illness plan include:
- Primary financial provider of the household
- Someone insured but with a health insurance plan that has a high deductible
- Person with limited savings for an unexpected illness