Critical Illness / Disability Coverage

What does critical illness coverage protect me from?

None of us knows if or when we will contract cancer, have a heart attack or stroke, or be diagnosed with another critical illness. These diseases and conditions can have devastating effects on our health, requiring dedicated treatment and recovery periods. When a critical illness strikes, the financial consequences can be just as catastrophic as the health ramifications in their own way. Consider this: an estimated 56 million Americans under age 65 have trouble paying medical bills, and medical bills are the number one reason for bankruptcies.

Even with a good health insurance policy, you may still be required to pay a sizable deductible before your health insurance kicks in, and then you may need to continue paying co-insurance to cover a portion of your own health care costs.

Critical illness insurance is designed to help alleviate the financial strain that comes with critical illnesses. The lump sum benefit paid out under a critical illness insurance policy can be used to pay your medical bills, mortgage and other expenses. Policy benefits can also be used to pay for experimental treatments not covered by your health insurance policy, or for travel to obtain treatments somewhere other than your current location.

How Does Critical Illness Coverage Work?

Critical illness insurance requires you to make periodic premium payments to keep the policy in force. Every policy is a little different, but critical illness policies may offer payouts ranging from $10,000 all the way to $1 million. The policy itself specifies what conditions are covered. Typically, these include cancer, heart attacks and strokes. Some policies may also cover heart disease, kidney failure, organ transplant, paralysis and other conditions.

If you contract a covered condition while the policy is in force, the insurance company will pay you the face amount of the policy, typically in one lump sum payment which is generally tax-free (talk to your tax professional to confirm tax treatment for your specific situation).

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