Critical Illness Insurance
The top 3 killers in the US are Heart Disease, Stroke and Cancer.
Of course, not everyone who is diagnosed with these conditions will die. Unfortunately many people get one of these in some form and they are left to wonder how they will pay for the care they need (meaning afford their full deductible, time off work taken or other unanticipated expenses). This is where critical illness coverage can play a big role in filling the gap that major medical health insurance does not cover.
Two kinds of Critical Illness plans
1. Scheduled benefit
A Scheduled benefit critical illness insurance plan will only pay for your medical expenses according to a schedule of benefits, or limitations, based on the type of condition you are diagnosed with. Under this type of plan if you are diagnosed with a rare form of cancer, for example, the policy will pay out a fixed amount based on the type of cancer or the number of days you spend in the hospital. These plans will end up paying less in benefits because the chances are pretty good you may not spend much time in the hospital when you are first diagnosed. I’m not a fan of these plans for that reason. But they can be less expensive, too.
2. Lump-Sum benefit
The second type of plan just pays the lump sum policy amount when you have a covered event or diagnosis. Then you get the full amount of your policy to do with what you want. This means it can cover medical expenses not covered by your health insurance deductible, or pay bills or make a house payment or whatever. This type of plan ends up paying more because it does not have restrictions on the benefit amount rather, it is selected and is what determines your premium.
Tips to buying critical illness insurance
Other things to look out for are the number of conditions which will trigger the policy paying out. Most include heart attack, stroke and cancer of the organs. Many policies include just these three things and if you have anything else come up, you are out of luck. The best policy in my opinion, for the price and benefit type, includes coverage for all of the following types of critical illness events;
– Major Organ Transplant
– Terminal Illness
– Advanced Alzheimer’s Disease
– Loss of Independent Living
– Loss of Limbs
– Major Burns
– Coronary Bypass Surgery
– Heart Valve Replacement/Repair Surgery
– Aortic Surgery
To get a quote on a critical illness insurance plan, fill out the request for more information above.
We have plans that include the broadest definitions of critical illness. This means you will see the policy pay out under a greater number of critical illness situations. These policies feature the ability to select a variable amount of coverage to meet your needs.
Other plans feature a fixed amount of Critical Illness coverage which has several benefits to go along with it such as free vitamins, access to a doctor by phone and discounts on lots of other services that small business owners could find valuable.
Request more information by submitting the request for more info above.
Here are a couple of videos that take a look at the statistics of getting a critical illness - and they happen to be pretty entertaining: