Critical Illness Insurance: protect your future

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Reviewed by
medicalrecords.com
Last updated:
08/03/2020

A Critical Illness Insurance provides additional coverage for severe medical emergencies. It will pay money directly to you in case you face a serious illness like a heart attack, cancer or Advanced Alzheimer’s disease. The policy provides money you can use any way you wish, such as:

  • Deductibles and copays/coinsurance
  • Lost Income from missed work
  • Everyday expenses – mortgage/rent, utilities, childcare
  • Experimental treatments and travel

 

Why should I get a critical illness cover?

When dealing with a critical illness, you’ll have enough on your mind. Critical Illness Insurance gives you the freedom to focus on your recovery, not your finances.To better understand what’s at stake, just keep in mind that…

  • 66% of all US bankruptcies are tied to medical issues
  • 60% of Americans don’t have savings to cover an unexpected $1000 expense
  • 75% of insured people who had problems paying their medical bills said their copays, deductibles or coinsurance cost more than they could afford
  • Cancer costs are frontloaded – patients experience the highest out-of-pocket costs in the first 2-3 months after being screened and diagnosed with cancer.

Peace of mind when you need it most

You want the freedom to live your life your way — and that’s worth protecting. Should you ever face a critical illness, you’ll want the freedom to focus on what’s most important: your recovery. Help prepare with a Critical Illness Insurance policy. After a diagnosis of a covered illness, you’ll receive a payment. Use the money however you choose to cover costs and ease your financial worries.

How does critical illness cover work?

  1. You learn you have a covered illness or condition
  2. Submit your claim
  3. You receive a cash benefit.

Designed for you

  • Instant decision — no medical exams or labs — for benefit amounts from $5,000 to $75,000
  • Full underwriting for benefit amounts from $75,001 to $500,000
  • Additional payments if diagnosed with another illness after six months1
  • Guaranteed renewable for life
  • Purchase more options for an additional cost, such as a return of your premium or an automatic increase² to your benefit amount³.

 

What conditions does Critical Illness Insurance include?

Critical Illness Insurances aim to cover most of the illnesses that have higher incidence and severity. However, the list of conditions varies between providers.

Here are some of the diseases that are most frequently covered:

It is very important to consult your policy for specific covered conditions and details. Even if your illness is on the list, the pay-out could sometimes depend on how severe or permanent is the condition. As usual, read carefully the small print.

A Critical Illness Insurance provides money you can use as you wish

Lost income from missed work

You might have been working day after day for years without even questioning what would happen if you couldn’t work. But the truth is that many critical illnesses don’t allow you to work every day. You might need to take some days, weeks, even months off – or for as tough as it could sound, you might need to decide to resign.

Here is why you need a B-plan to live without working while you’re facing a disrupting event as a severe medical condition can be. Critical Illness Insurances come handy when continuing to work is just not an option.

Covering your mortgage, rent and day-by-day expenses

A home for your family will likely be the largest investment you ever make. You do a lot to keep it safe and sound, from installing new windows and plumbing to ensuring its foundation stays stable for decades to come. But what about your own well-being? If you or your spouse had cancer, a heart attack or other serious illness, you’d want to focus on your recovery – not on how you’d pay your mortgage. Same goes for rent, utilities, childcare… and any other day-by-day expense that you might not be able to take.

One of the benefits of having a Critical Illness Cover is that it can help relieve financial strain while you recover from cancer, a heart attack or stroke, or several other serious conditions and procedures.

Paying Experimental treatments and Travel

As medicine is progressing, conditions and diseases that would have been hopeless just one decade ago, now can be cured. Joining an experimental treatment and/or travelling on the other side of the Country to have a specific cure or be visited by a specialist can really make the difference between living or dying.

A Critical Illness Insurance can help you cover the medical costs of the treatments you are going to do — even if they are still experimental. Once again, you decide the best use of the money you get.

One of the benefits of having a Critical Illness Cover is that it can help relieve financial strain while you recover from cancer, a heart attack or stroke, or several other serious conditions and procedures.

Help cover costs and ease financial worries

Lost income from missed work

You might have been working day after day for years without even questioning what would happen if you couldn’t work. But the truth is that many critical illnesses don’t allow you to work every day. You might need to take some days, weeks, even months off – or for as tough as it could sound, you might need to decide to resign.

Here is why you need a B-plan to live without working while you’re facing a disrupting event as a severe medical condition can be. Critical Illness Insurances come handy when continuing to work is just not an option.

Covering your mortgage, rent and day-by-day expenses

A home for your family will likely be the largest investment you ever make. You do a lot to keep it safe and sound, from installing new windows and plumbing to ensuring its foundation stays stable for decades to come. But what about your own well-being? If you or your spouse had cancer, a heart attack or other serious illness, you’d want to focus on your recovery – not on how you’d pay your mortgage. Same goes for rent, utilities, childcare… and any other day-by-day expense that you might not be able to take.

One of the benefits of having a Critical Illness Cover is that it can help relieve financial strain while you recover from cancer, a heart attack or stroke, or several other serious conditions and procedures.

Paying Experimental treatments and Travel

As medicine is progressing, conditions and diseases that would have been hopeless just one decade ago, now can be cured. Joining an experimental treatment and/or travelling on the other side of the Country to have a specific cure or be visited by a specialist can really make the difference between living or dying.

A Critical Illness Insurance can help you cover the medical costs of the treatments you are going to do — even if they are still experimental. Once again, you decide the best use of the money you get.

One of the benefits of having a Critical Illness Cover is that it can help relieve financial strain while you recover from cancer, a heart attack or stroke, or several other serious conditions and procedures.