Being diagnosed with a critical illness is a life changing and tragic incident that can disrupt you and your family’s life at any moment.
The expenses that arise over the ensuing months or years can be overwhelming. With all of the anxieties and concerns about your health that spring from such a diagnosis, the last thing you want to worry about is filing bankruptcy. Critical illness health insurance is a way to protect you and your family from financial hardship should an unfortunate illness fall upon one of you.
Critical illness insurance is often offered as a ‘bolt-on’ or supplemental benefit that can be added to a current insurance policy. It can also be purchased individually from a number of companies. How it typically works is you make a monthly, semi-annual, or annual payment based on the level of insurance you want. Then if you or someone covered under your policy get diagnosed with an illness that is considered “critical” under your policy, you receive a cash payment to be used at your discretion. The cash is meant to keep you on your feet during the difficult journey through treatment and recovery.
What is considered a “critical illness?”
Obviously the specific terms and conditions vary from company to company and policy to policy; however, there are a few categories that coverage is typically offered for:
- Vascular procedures including heart attack, heart failure, stroke, and coronary artery bypass surgery.
- Cancer
- Major organ transplants
- Loss of sight, hearing, speech, or paralysis due to an accident.
There are also other illnesses that plans may cover such as Alzheimer’s disease, kidney failure, multiple sclerosis, HIV/AIDS contracted through a medical procedure, Parkinson’s disease, angioplasty, or any terminal illness.
What can the cash benefits pay for?
It’s up to you to decide how the cash payment you receive will be used. It can be used to cover treatments, travel for treatment costs, mortgage payments and other bills, home healthcare and rehabilitation expenses, loss of income, and will provide you with the freedom to spend time with family and friends without worrying about your financial situation.
These plans can save you from financial hardship during critical times in your life. They can be quite detailed with a lot of fine print. That’s why it’s important to use an insurance agent to make sure that you’re getting all of the protection you deserve. Here at McKnight & McKnight Insurance Solutions, our expert agents have the resources and experience to provide you with several options that will guarantee full coverage to protect you and your family today. Call us today at (813) 792-2301 to set up a phone appointment or web conference.
