Critical Illness Insurance

What About Critical Illness Insurance?

Good critical illness insurance is a kind of coverage that protects individuals from the possibility of contracting certain illnesses. Such diseases as cancer, AIDS, Parkinson’s disease, Alzheimer’s, multiple sclerosis, kidney and heart failure, stroke and others can fall under this coverage. Interested parties can check into what specific illnesses are covered so as to understand the extent of coverage for diseases that they may have in their family history or for which they are potentially vulnerable. Understand that this coverage does not extend to preexisting conditions and only covers conditions that have yet to occur. The policy goes into effect when the policyholder receives a diagnosis for one of the qualifying illnesses, goes through the specified waiting period and after the illness is verified.

Kinds of Coverage

Critical illness insurance comes in a variety of forms. The most common type is in the form a lump-sum payment. This kind of plan pays out by providing a predetermined amount of money should the policyholder face a covered illness. A less common type is the kind that pays the person monthly or every two weeks, similar to how one might get paid at work. Some plans are designed to pay out directly to the medical provider. One who is interested in this coverage is smart to seek out an insurance professional to find out more about the various options and protections.

More Info

In most instances, there are waiting periods imposed upon a policyholder prior to benefits be made available, usually in the amount of two weeks or less. Basically, the individual will need to survive for that period prior to the insurance provider compensating for the claim. The claim benefit will usually cover such things as medical and living costs, lost income and expenses incurred during recovery. There is a myriad of benefits in carrying such a policy, but the biggest, arguably, would be how a policyholder can be helped to survive some of life’s big health challenges. Many are surprised when a critical illness strikes as they often have no protection. This coverage helps them to have the peace in mind in knowing that they won’t lose their homes or have undue stress put upon their families if they experience some kind of covered illness.