In the short time it takes to read this sentence, another American is bankrupt because of illness and medical debt. Critical illness insurance is a safety net for many Americans. It comes into play once they suffer from specific critical conditions. In the event of an illness, policyholders receive a lump sum, tax-free payment.
People are now more likely to survive a stroke, cancer or a heart attack. Medical advancements and new treatments have increased the chance for survival. This insurance can be purchased with features including automatic coverage increases, premium waivers, and dismemberment and accidental death coverage. There’s also mortgage disability protection and an option for the insured to convert to a long-term contract under specific conditions. Coverage is permanent or temporary, and plans range from 10 to 20 year schedules with policy increases. Some plans offer coverage until age 100.
This insurance might be good for you if you feel you’ll suffer financially if you become critically ill. The insurance will help pay medical bills and other expenses.
Finances that help bridge the divide between illness and disability income help lower out-of-pocket expenses. You receive a lump-sum payment to use as you see fit. It also provides coverage if the critically ill person is still employed.
Few people have heard of critical illness insurance. If you think this insurance is for you, then contact an insurance agent for more information.