Health insurance can provide coverage for many of the costs associated with treating a critical illness like cancer or heart attack. But what about the other out-of-pocket costs that you incur when you or a loved one is battling a major illness and is unable to work?
There is a loss of income (even if you have disability coverage, it only pays a portion of your regular earnings), deductibles, co-pays, living expenses and even transportation to and from treatment. Many of these additional costs can contribute to the pressure you are already under at the worst possible time. Critical illness insurance can help cover some of these gaps in your financial plan that you may not have known even existed.
Science has dramatically improved the chances of survival for patients suffering a critical illness. However, with the possibility of surviving multiple illnesses or several incidents of the same illness in your lifetime, your financial plan for the future may be disrupted. With critical illness insurance, the lump-sum payment you receive at diagnosis of a critical illness can help offset those expenses not covered or entirely covered by other sources of income or insurance.
While you hope you will never need it, the statistics say there is a good chance you or a loved one will need to fight a critical illness in your lifetime. Fully half of working Americans have tapped into their retirement plans to help pay for medical expenses, and medical bills are the #1 reason for filing bankruptcy in the United States. You can purchase coverage for yourself, your spouse and your children. Receiving a payment from your critical illness insurance will help you take care of out-of-pocket expenses not covered by other plans, letting you focus on your recovery.
This coverage may be medically underwritten. However, you, your spouse and your dependent children may be eligible to receive up to a predetermined amount of coverage without regard to medical evidence of insurability. We also include coverage for recurrent and subsequent critical illnesses, which provides coverage in the event you have multiple critical illnesses or multiple incidents of the same critical illness over your lifetime.