Critical Illness Insurance
Critical Illness Insurance Being stricken with a critical illness is bad enough without worrying about finances. With critical illness insurance, you can receive financial help to pay treatment expenses. Even if you have health insurance, adding critical illness insurance can help. This type of coverage is supplemental insurance that offers payment if you are diagnosed with a serious illness. As long as the illness is covered by the policy, you will receive assistance. Such coverage is usually offered as part of a voluntary benefits package from your job. Anyone can purchase critical illness coverage, but it is an especially good idea for certain people. For instance, if you have a job that will not pay you if you can’t work, having critical illness coverage is a good idea. This coverage is also good for you if your health insurance requires large out-of-pocket costs. How it Works When you are diagnosed with an illness covered in the policy, you make a claim to receive an agreed upon lump sum. You can use the money for whatever purpose necessary. The money is to help pay for expenses, even those not related to your illness. Coverage Critical illness policies are standard. Most of them include a narrow range of life-threatening illnesses. Mostly, cancer, heart attack and stroke are covered. Some policies include more illnesses, and some also offer coverage for serious injuries. It depends on the insurance company, so make sure you’re clear about what is covered in any policy you choose. Benefits The biggest benefit of critical illness insurance is receiving money should you become stricken with a serious illness. The money can pay your medical bills or everyday expenses. Health insurance will only pay a portion of your medical expenses, so critical illness insurance can help a lot.