What is Critical Illness Insurance?
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.
A critical Illness may include:
• Heart attack
• Organ transplants
• Kidney failure
• Multiple sclerosis
• Alzheimer’s disease
• Severe burns
It pays in addition to regular health insurance and pays a lump sum benefit of up to $100,000 to help you pay for medical costs not covered by your normal health insurance plan.
Critical illness insurance payouts generally start around $10,000 but can pay out several hundred thousand dollars depending on the particular policy you choose. This 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.
What is covered under a Critical Illness Insurance Policy
Depending on the policy you choose, critical illness insurance can provide benefits for 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 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.
Additionally, 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.
How to Choose a Critical Illness Plan
When considering a critical illness insurance plan, take into account a few of the following
- Which illnesses the policy covers
- the length of its waiting period
- how much the payouts for each critical illness will be
Also ask yourself if you and your family would be able to afford not having the additional insurance in the event that you were to develop a critical illness.
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.
Nisona serves the insurance needs of the Treasure and Space Coast.