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Critical Illness Insurance

Critical illness insurance is a new type of insurance available for most people. It helps families and ill people who are faced with paying medical expenses associated with critical illnesses. Not only can it help pay medical bills that regular insurance won’t cover, but it can also pay regular bills and daily expenses.

This coverage is for people who have a specific illness. The top three illnesses it deals with are cancer, heart attack and stroke. These are three common maladies. According to the American Cancer Society, cancer strikes an increasing number of Americans each year. Similarly, large numbers of individuals have their first stroke or heart attack each year. Most of them survive and require some type of treatment. Some policies might also cover heart or major organ transplants, paralysis, bypass surgery, kidney failure and angioplasty.

Coverage

A simple plan, called a Simplified Issue Individual Protection plan, provides up to $50,000. This plan is affordable, and it’s easier to qualify.

Then there is the Fully Underwritten Individual Plan, which provides up to $500,000. Qualifying for this coverage requires answering a much more extensive series of health-related questions. Both policies are available through individual insurance professionals. You might also have this coverage as part of your employment benefits.

The man benefit of this coverage is you’ll get the treatment you need, in spite of gaps in your coverage. It can also provide cash to assist with mortgages, car payments, groceries, prescriptions, experimental treatments and treatment-related travel expenses. It can even help replace a spouse’s income if they’re unable to work because of providing care.

To receive benefits, it must be verified that you are critically ill. Once a doctor verifies your illness, then the insurance company will honor your claim. There might be a waiting period before the insurance pays out.






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