Critical Illness

If you’re lucky, you’ve probably never had to use critical illness insurance (sometimes called catastrophic illness insurance). You’ve maybe never even heard of it. But in the event of a big health emergency, such as cancer, heart attack or stroke, critical illness insurance could be the only thing protecting you from financial ruin. Many people assume they’re fully protected with a standard health insurance plan, but the exorbitant costs of treating life-threatening illnesses are usually more than any plan will cover. Read on to learn more about critical illness insurance and whether it's something you and your family should consider.

While the chances of surviving a critical illness such as cancer, heart attack or stroke are greater than ever, living with the condition can create severe financial hardships. Traditional health insurance plans cover medical expenses, but costs such as insurance deductibles, child care, travel to and from treatment facilities, and short-term home health care must often be paid out-of-pocket by the patient. While disability insurance policies will replace lost income, they may require a lengthy waiting period to take effect.

Critical illness insurance provides additional coverage for medical emergencies like heart attack, stroke, or cancer.
Because these emergencies or illnesses often incur greater than average medical costs, these policies pay out cash to help cover those overruns where traditional health insurance may fall short.
These policies come with relatively low cost, however the instances that they will cover are generally limited to a few illnesses and emergencies.