Critical Illness
Critical Illness Insurance provides financial protection if you are diagnosed with a serious illness. This coverage is meant to support you and your family during a challenging time, as critical illnesses often require extensive treatment, long recovery periods, and can have significant financial implications.
Purpose of Critical Illness Insurance
- The primary aim is to cover out-of-pocket expenses that traditional health insurance may not cover. It’s especially helpful for costs associated with recovery, rehabilitation, and lifestyle adjustments that come with critical health conditions.
- Lump sum cash benefits are paid directly to you and can be used for treatment, lost income, mortgage or rent payments, transportation costs, or to hire in-home care if needed.
What Does Critical Illness Insurance Cover?
- Cancer
- Heart attack
- Stroke
- Major Organ Failure
- Kidney failure
- Coronary Artery Disease
- Alzheimer’s Disease
- Miscellaneous Diseases (see benefit brochure for the full list of covered illnesses)
How it Works
- Lump-Sum Payout: Upon diagnosis of a covered illness, the policy pays out a lump sum cash benefit directly to you. This payment is tax-free and may be used as you see fit.
- Available Benefit Amounts: You, your spouse, and children automatically qualify for coverage regardless of health history.
- $10,000
- $15,000
- $20,000
- $25,000
Benefits of Critical Illness Insurance
- Financial Flexibility: The lump-sum cash payout can be used at your discretion, allowing for control over how the money is used.
- Income Protection: If you’re unable to work during treatment and recovery, this coverage can help fill the gap left by a reduction or loss of income.
- Peace of Mind: Eliminates financial anxiety during recovery, allowing you to focus more on your health.
Who Needs Critical Illness Insurance
- Those with high health-related financial obligations
- Family history of cancer and critical conditions.
- Inadequate emergency savings to cover deductibles, co-pays, and other related expenses due to a critical illness diagnosis.
- Those whose income would be directly impacted by their inability to work.
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