Critical Illness Insurance

Quality Critical Illness Insurance Coverage

Critical illness coverage is engineered to protect the policyholder from specific kinds of diseases. Should one be diagnosed with such a disease, the insurance provider will pay out a lump sum dollar amount or might provide structured payments.

This kind of insurance is normally utilized by people who believe that they might be more susceptible to a certain kind of disease (like Alzheimer’s, for example) or for those who are worried about being diagnosed with a disease and then being in the tragic position of being unable to meet financial obligations. For example, a person might be worried that they could become stricken with a condition which would leave them unable to work and provide an income for their loved ones.

Some policies do mandate that the policyholder survive for a certain period of time following diagnosis before coverage becomes active, though it is usually a reasonable amount of time, such as a week or maybe a month. This is so that payouts are not made when one is in the position of dying immediately thereby rendering the payout unnecessary. This also tends to keep the premiums lower.

Although there are a myriad of conditions that can be covered by this kind of policy, such as cancer, stroke, heart disease, etc. Recently this coverage has been broadened to include Alzheimer’s disease, deafness, blindness, and other debilitating illnesses. Often there is some form of coverage for just about any particular disease a policyholder might be concerned about.

People concerned about their future health prospects might find critical illness insurance very helpful, as it pays out benefits independently from other health insurance coverage. Those genetically predisposed toward certain diseases are wise to seek coverage to provide financial peace of mind now and in the future.

Good critical illness insurance is not a very common product, but it can be a virtual life-saver in certain situations for a number of people. Call today about the particulars of this type of insurance policy.