Critical Illness Insurance for when Illness Strikes
Critical illness insurance helps policyholders cover expense resulting from having a critical illness. Critical illness is defined as an illness that is life threatening or debilitating. This includes kidney failure, major organ transplants, cancer, and heart attacks.
This insurance is often part of an employee benefits package, much like dental and health policies. Either the employee pays premiums out of pocket or they have payroll deductions. This type of insurance was not offered by employers until the late 1990s. That’s when medical costs started to rise, and many people were becoming bankrupt due to illness.
There are several costs covered by this insurance. Most importantly, these policies can provide payments for medical treatments not covered by your health insurance plan. They also help with living expenses while you are recovering from your illness. Additional costs, like travel expenses to get treatment, may be covered as well. Some policies even replace a spouse’s income while they are caring for the policyholder.
As you can see, this is a beneficial form of insurance to have if you’re facing a critical illness.
How it Works
Critical illness insurance works like any other insurance policy, as in it provides monetary support following a specific event. In this case, the policyholder is diagnosed with a critical illness. Once that happens, the insurance helps them cover any eligible costs.
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