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Group Critical Illness Insurance - Florida
What is Group Critical Illness Insurance?
Group critical illness insurance is a type of supplemental – or additional – health insurance that provides coverage in the event that you become afflicted with a critical condition or disease. This type of insurance typically offers a lump sum benefit to help you pay for medical costs not covered by your normal health insurance plan, to supplement disability benefits and to pay for any other expenses you may have.
Critical illness insurance payouts generally start out with a payment around $10,000 but can pay out several hundred thousand dollars depending on the particular policy you choose. This amount of money can significantly relieve the financial burden that you may feel if you are undergoing major surgery, being treated for cancer or recovering from a heart attack. The insurance coverage helps to eliminate the need for you to reach into your personal savings to pay for any medical or household expenses for the duration of your critical illness – which can be a major relief for many people.
Depending on your particular policy, group critical illness insurance can provide benefits for a few or many critical illnesses. Additionally, this type of insurance may not cover pre-existing. With critical illness insurance you choose a specified amount of insurance. Let's say you choose $250,000 and suffer an heart attack. The policy would pay to you in cash the full $250,000. The same would apply if you were diagnosed with cancer, multiple sclerosis, Alzheimer's disease, kidney failure, organ transplants, or any number of other specified diseases.
Some of the various illnesses that a group critical illness insurance policy may cover include:
• Heart attack
• Organ transplants
• Kidney failure
• Multiple sclerosis
• Alzheimer’s disease
• Severe burns
Additionally, group critical illness insurance policies specify a waiting period – also referred to as an “elimination” period – during which time you must wait before receiving benefits from the time your physician diagnoses you with a critical illness. A typical waiting period might be 30 days. This means that from the time your policy is effective, 30 days must pass before a diagnosis can be made.
Choosing a Plan
When considering a group critical illness insurance plan, take into account which illnesses the policy covers, the length of its waiting period, how much the payouts for each critical illness, and how many years the policy. Also determine if you or your employer will pay the premiums. Consider the ways you may be able to add options to the group policy such as customizing the coverable illnesses and increasing the amount of coverage.
Also ask yourself if you and your family would be able to afford not having the additional insurance in the event that you would develop a critical illness. Would you be able to pay your mortgage or rent for six months? Could you send your child to college? Could you afford a car replacement? Would buying groceries every week be a struggle?
For More Information
Please contact NISONA today at 888-564-7662 to obtain more information from one of our dedicated and experienced agents. Always delivering the best in customer service and satisfaction, we look forward to helping you determine if a group critical illness insurance policy is right for you or your employees.