Critical Illness Insurance
Perhaps you’ve never even heard of it, but in the event of a big health emergency such as cancer, a heart attack, or a stroke, critical illness insurance could be the only thing standing between you and financial ruin. Many people assume they’re fully protected with a standard health insurance plan, but the exorbitant costs of treating life-threatening illnesses are usually more than any plan will cover.
Critical illness insurance functions similarly to other insurance policies. Policyholders pay a monthly premium to retain the policy. If they need coverage, they file a claim to receive their money. Critical Illness Insurance policies typically provide a lump sum payment in the range of $50,000 to $200,000 to help manage expenses while the insured seeks treatment and recovers from their critical illness. Critical illness insurance provides a benefit if you experience one or more of the following medical emergencies:
- Heart attack
- Stroke
- Organ transplants
- Cancer
- Coronary bypass