What is Critical Illness Insurance?
A critical illness can be emotionally and financially devastating. Critical illness insurance is a policy that provides financial assistance when the policyholder is diagnosed with a critical illness. The coverage will help pay for medical expenses, and works even if you have traditional health insurance.
Who Needs Coverage?
People at-risk of developing a critical illness should consider this coverage. If you’re critically ill, you’ll miss work and have several medical expenses. There are many people who struggle financially with the added expenses. But if you have a supplemental policy, then it will relieve some financial strain.
How It Works
You must be diagnosed with a critical illness. Some illnesses covered include cancer and heart attack. The insurance company must receive official notice from a doctor that you are sick. There may be a short waiting period, but then the insurance will help with your finances.
Coverage and Benefits
You need to assess your risk of developing a critical illness. If your risk is high, then you might want to consider a policy. The benefit in getting this coverage is financial protection when you are seriously ill. A critical illness policy can protect your personal finances by paying you when you need it most.