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Critical Illness Insurance
Most likely you’ve never had to use critical illness insurance (sometimes called catastrophic illness insurance). Perhaps you’ve never even heard of it. But in the event of a big health emergency, such as cancer, a heart attack, or a stroke, critical illness insurance could be the only thing standing between you and financial ruin. Many people assume they’re fully protected with a standard health insurance plan, but the exorbitant costs of treating life-threatening illnesses are usually more than any plan will cover. Everyone should consider a critical illness policy.
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. Coverage limits vary—you could be eligible for a few thousand dollars all the way up to $100,000, depending on your policy. Policy pricing is impacted by a number of factors, including the amount and extent of coverage, the sex, age, and health of the insured, and family medical history.
A big draw of critical illness insurance is that the money can be spent on a variety of things, such as:
- To pay for critical medical services that might otherwise be unavailable
- To pay for treatments not covered by a traditional policy
- To pay for daily living expenses, enabling the critically ill to focus their time and energy on getting well instead of working to pay their bills
- Transportation expenses, such as getting to and from treatment centers, retrofitting vehicles to carry scooters or wheelchairs, and installing lifts in homes for critically ill patients who can no longer navigate staircases
- Terminally ill patients, or those simply in need of a restful place to recuperate, can use the funds to take a vacation with friends or family
Part of what makes these policies appealing is that they generally don’t cost much, especially when you get them through an employer. Some smaller plans run as little as $25 a month, which looks like a bargain compared to the cost of a typical, low-deductible health insurance policy.
How Do I Buy Critical Illness Insurance?
Critical illness insurance is a policy that pays a direct lump-sum benefit that you can spend to pay for expenses not covered by other insurance. You can purchase it yourself or through your employer, or add it to your personal life insurance plan.
What Does Critical Illness Insurance Provide for Assistance?
Critical illness insurance can help fund the bills that life-threatening illnesses like heart attack, stroke, or cancer can incur. At your discretion, the benefit from a critical illness policy can cover anything from medical expenses not covered by a healthcare policy to household bills for utilities, rent or mortgage payment, or grocery bills
The website allows you to self-quote critical illness. We are here however ready to help guide you so that you secure the very best coverage at a price you can afford.