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Critical Illness Insurance

Critical Illness Insurance

As a result of all the publicity for all the bankruptcies declared due to major illnesses over the years, a financial product was created called critical illness insurance. When some form of critical illness hits, the expenses can blow up quickly and this is why critical illness insurance can be the answer to this problem. Not only that, this coverage can act as part of a package of protection for workers through employer-offered plans.

Many employers still do provide some form of health care to their employees. Then there are those who sweeten the deal by also making available additional coverage for critical illnesses, which is then lumped into the existing health insurance coverage. Critical illness insurance is designed for those who are facing costly illnesses and who likely will need treatment over time, which adds exponentially to the costs. People challenged by such procedures as an organ transplant or with Kidney failure would be prime candidates, as would those who suffer from cancer or stroke, paralysis or brain damage, to name a few.

If one obtains this kind of insurance coverage and is then diagnosed with a critical illness, he or she would usually receive a benefit in the form of a lump sum payment. Often one would not be able to work during such an illness, so this compensation would be very helpful in paying for living expenses and medical bills not normally covered by traditional coverage. Many policies compensate the providers directly while others provide perks like travel expenses and accommodations that are needed while a patient is undergoing treatment out of town.

Coverage is offered on a permanent or temporary basis. Plans vary, running the range from 10 to 20 year durations with policy premium increases at certain times. Some plans will still provide coverage until the quite advanced age of 100 years.
This kind of a policy can be obtained as stand-alone critical insurance coverage or it can be combined with life insurance. There is even coverage out there for mortgage protection when one becomes critically ill.

Having employer-added critical illness insurance has many benefits. A large one is the protection one is afforded from the threat of bankruptcy. If one purchases a plan that offers this mortgage protection, one can have peace of mind in knowing that one’s home is secure.

Give us a call to find out more.