What is Critical Illness Insurance?
Critical Illness insurance is a policy designed to make a lump sum cash payment to you if you are diagnosed with a critical illness. A critical illness insurance payout helps you avoid the financial strain a major illness can create due to the inability to work and generate income so you can focus on your recovery. The lump sum assists you in getting the treatment you want and allows you to spend time with your family and friends while you keep your home and other assets.
Why Critical Illness Insurance?
Medical insurance does not cover everything. Although medical insurance helps reduce costs, most plans don’t cover all the expenses related to treatment for critical illnesses. Traditional health insurance reimburses you for covered medical services, procedures, equipment, etc. However, in the event of a serious illness such as heart attack or stroke, the lump sum you are provided with in a critical illness insurance payout can help ease your financial burdens so you can focus on your recovery. The benefits are paid in addition to your existing coverage and there are no co-pays or deductibles.