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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?
It’s simple. You choose 1 of 5 Maximum Lifetime Benefit amounts: $10,000, $20,000, $30,000, $40,000 or $50,000.
Your 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
- Health insurance deductibles
- Out-of-pocket medical expenses
- Prescriptions and other medications
- Specialist treatment or rehabilitation
Critical Illness Plan Advantages
- Tax Benefit - 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 see fit to cover expenses associated with a critical illness.
- 5 Level Choices - The choice of benefit level helps to give you control over the cost of your plan: $10,000, $20,000, $30,000, $40,000, $50,000.
- Combine Plans for Increased Coverage - A Critical Illness plan can be purchased by itself or along with other health insurance plan(s). Combining multiple plan types can help you get the coverage that’s right for you. Pair this plan with a Short Term or Fixed Indemnity coverages, for a well-rounded package.
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
Is there a waiting period for coverage?
Yes, there is a 30-day waiting period on Critical Illness benefits. First diagnosis must be made at least 30 days AFTER your effective date.