What is critical illness insurance?
Medical advances have dramatically improved the survival rates of people who suffer critical illnesses such as cancer, stroke and heart disease. Sometimes, recovery can come with a significant financial cost that impacts both you and the people close to you.
Greg Brown provides critical illness insurance products that offer the financial help to pay the costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period — you’ll receive a lump-sum cash payment. And, unlike reimbursed health insurance benefits, you decide how to spend the money.
It pays the bills when you can’t - Critical illness insurance can help you:
- Reduce debt and other financial concerns while you cope with your illness
- Replace any reduced or lost income for you and your spouse, who may wish to take time off work to care for you
- Bring in additional help at home for you and your family
- Consider new medical treatments and medications not covered by private or government health insurance plans
What are the types of illnesses covered by critical illness insurance?
Although they differ from company to company, typical illnesses and diseases covered by critical illness insurance may include:
- heart attack
- multiple sclerosis
- organ transplants
- kidney failure
What you should know, first.
Coverage can also vary according to the degree of the conditions associated with an illness or disease. For example, if you are diagnosed with a type of cancer that is treatable and that results in minimal "down time", you may not be eligible to make a claim.
It is important to read your policy carefully. In addition, be sure to ask your insurance representative to provide you with a complete explanation of your coverage.
Do I need critical illness insurance?
In determining your need for critical illness insurance, you should consider benefits that may already be available to you through other insurance policies, such as life insurance and group health insurance.
For example, the benefits offered through your employer's group disability plan may provide appropriate and adequate coverage in the event of a critical illness.
You should also consider your personal circumstances and the added financial strain that could be brought about by dealing with a serious illness or disease. Public and private health insurance plans typically do not provide coverage for day-to-day living expenses such as travel to and from treatments, home care and child care.
How much does it cost?
Generally, the younger and healthier you are, the lower the premium (cost). However, the cost varies depending on your age, medical condition, the amount of coverage, the number of illnesses covered by the policy, and the insurance company.
An individual disability insurance plan can help you meet your income requirements so you can concentrate on recovering and returning to an active life — With our InsureRight Calculator, you can complete an analysis of your life, disability and critical illness insurance needs.