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Critical Illness Insurance

What is Critical Illness Insurance?

Anyone can develop a critical illness. When this happens, it is common to be faced with several medical bills. Critical illness insurance is a policy that pays you or your family when you develop a critical illness. Insurance companies refer to your age, health history, and family history when determining if you are eligible for this coverage. This coverage is sometimes offered as a workplace benefit. You can also extend coverage to your spouse and children.

Three Types of Policies

If you are a single person, then a simplified issue individual protection policy is probably your best choice. It provides coverage up to $50,000 and doesn’t require you to take a physical exam.  But if you have a family depending on your income, a fully underwritten individual plan offers more options. However, this type of policy is more difficult to get and you must pass a physical exam.

A critical illness policy usually pays in a lump sum so you can pay medical bills not covered by insurance. This can include things such as mortgage payments, car payments or just about anything.

The illnesses covered vary by insurance company. The most common illnesses covered include cancer, stroke, and heart attack. Kidney failure, Alzheimer’s disease, Parkinson’s disease, blindness, and more may be included as well.

If you are at high-risk for a critical illness, then you might want to learn more about critical illness insurance.