What is Critical Illness Insurance

Critical Illness Insurance – A Life Saver In Critical Times

Suppose you suffer from a critical illness and if you have a family to support, you would know the financial struggles that could result during your recovery period. Having critical illness insurance, although doesn’t change the odds of you not being inflicted with a serious illness rather it decreases the financial difficulties caused as a result of not being able to work during the long term illness.

How Is Critical Illness Insurance Different From Health Insurance?

A health insurance policy has a reimbursement plan whereby the resulting hospital expenses from a disease or injury are reimbursed during the term of the policy. Moreover, a health insurance policy pays out for a multiple claims until you have exhausted the insured amount.

On the other hand, critical illness insurance is only for critical illnesses and does not cover any injury or illness apart from those explicitly mentioned in the policy. Moreover, the policyholder is either paid a lump sum amount, when he/she is diagnosed with a critical illness and would be reimbursed according to the insured sum noted in the policy, or can take a payout up to three times on the policy.

Why Is Critical Illness Insurance Important?

With critical illness insurance, you can easily pay off the costs associated with life-altering illnesses. Once you are diagnosed with such an illness covered and you survive the waiting period, you will receive a lump sum cash payment. With this cash, you can pursue a less stressful lifestyle while recovering from the illness. You can spend the money to make payments on your mortgage or rent, pay your medical bills, pay for living expenses, pay for expenses at specialized treatment facilities or supplement your loss of income.

What Critical Illness Insurance Covers And What It Doesn’t?

Critical illness insurance covers only specific medical conditions or injuries listed in the policy. The policy also specifies the seriousness of these conditions. The following critical illnesses are normally included but differ from one policy to the other.

  • Heart Attack
  • Stroke
  • Certain Types and Stages of Cancer
  • Conditions Such As Multiple Sclerosis, Coronary Bypass Surgery, Kidney Failure, Major Organ Transplants

Some serious illnesses might not be covered by a critical illness policy. Make sure you check before purchasing a critical illness insurance policy. However, claims made from elf-inflicted injury, alcohol or drug abuse, engaging in hazardous sports and pastimes, or HIV- and Aids-related illnesses are not included.

The Best Time To Get Critical Illness Insurance

Don’t wait till you are affected by a serious illness to purchase the policy.  You may be refused cover in such a case and also when your specialist pointed out a health problem earlier that would later become critical. Opt for a critical illness policy when you don’t have savings to cover you when you are seriously ill and also when you don’t have a good employee benefits package to cover time off work due to sickness.

Contact a licensed agent of The Jordan Insurance Agency to get an all-rounded critical illness insurance protection for yourself and your family.

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The Jordan Insurance Agency is a local & independent, multiple-line insurance agent in Charlotte that is focused on providing the best value for our client’s insurance needs. As expert insurance advisors, we are dedicated to thoroughly evaluating your risks and insurance needs, providing the best coverage plans that help protect your financial future.
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