Benefits of Critical Illness Insurance Coverage
You probably know or have heard about someone who has suffered a critical illness. Life threatening diseases can have huge impacts on your health and diminish your finances even when you are armed with health insurance coverage. That’s where a critical illness coverage may come in handy since it designed to offer help at such a crucial time — when medical bills are at their highest. It is an insurance product that provides a tax-free, lump-sum amount of money should the policyholder suffer from any significant critical illness. Many employers have recently begun adding critical illness coverage as part of employee benefits, and you can obtain a voluntary critical illness benefit through your job.
Who Is It For?
Anyone can obtain a critical illness policy and reap its benefits – cash – if diagnosed with any critical illness. If it is offered as a perk at your workplace, you can claim it if you are diagnosed with a significant serious condition passed as part of the coverage.
How It Works
Critical illness insurance is not designed to pay for medical expenses. Instead, if you’re diagnosed with any of the covered diseases, it gives you a fixed amount of cash. You can use the cash benefit as you wish. Many people use it to compensate for lost income if they are unable to work.
Critical Illness Coverage
The major critical illnesses covered under the critical illness coverage include:
•Coronary artery bypass surgery
•Major organ failure
The lump-sum payouts paid to critical illness policyholders enable them to supplement income, pay for travel expenses while looking for treatment, as well as cover any accompanying costs associated with recovery. The most significant benefit provided by critical illness insurance is the peace of mind that comes with knowing that your finances are in check.