07 Nov 2018

What does Critical Illness Insurance cover?

What does Critical Illness Insurance cover?

These days, critical illnesses are not necessarily fatal.  Advancements in medical technologies and the development of new therapies have greatly increased survival rates for previously life-threatening illnesses like cancer, stroke or heart attack.  That being said, these advanced treatments have also become much more expensive.

According to research by the National Cancer Institute, newly launched cancer drugs can cost more than $400,000 for a year’s worth of treatment.

When you’re trying to recover from a devastating illness, you might not be able to work, relatives might need to take time off to care for you, and you will need to pay for extra things like delivered meals or hired help.

In a situation like that, the last thing you want is to be worrying about your finances.

What is Critical Illness Insurance?

Put simply, Critical Illness Insurance is a type of life insurance that pays you a lump sum cash payment if you contract any of the illnesses listed on the policy.

This payment is tax-free and comes with no strings attached.  You are free to use it however you want.  Most people use it to cover the cost of medical treatments, travel expenses and to replace their income if they’re no longer able to work.

What does it cover?

Exact policy terms will vary from insurer to insurer, but most policies will cover you for

  • Cancer;
  • Heart disease (heart attack or coronary bypass surgery); and
  • Stroke

You might also be able to get coverage for organ transplant or failure, Parkinson’s disease, brain injuries, loss of a faculty such as loss of limbs, speech, blindness or deafness, and other serious life-altering conditions.

Get help with your Critical Illness Insurance

Life altering illnesses can happen to anyone.  According to one study, a 25-year-old non-smoking male has a 24% chance of developing a critical illness before turning 65.  And nearly 2/3 of US bankruptcies are the result of medical expenses.

When it comes to complex coverage like this, getting the right advice could mean the difference between life and health.

For more information or to get some help figuring out what kind of coverage you need, get in touch with the licensed insurance experts at healthquoteinfo.com or call us at 855-614-5057.  We are happy to help you figure out what kind of coverage is right for you.

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