Critical Illness

Insurance for a Critical Illness

Critical illness insurance is a kind of insurance policy that helps with many of the costs incurred when the policyholder becomes ill with a specific kind of a life-threatening or life-changing sickness or disease. Many firms offer employees coverage of this kind, normally at the employee’s expense. This insurance is processed like most other policies, and can be purchased individually or via a company’s health plan with monthly deductions from the payroll.

There are some kinds of policies that are designed to allow for certain pre-determined payments over time after a covered illness is diagnosed. Often there is the choice to have benefits paid directly to a beneficiary or a medical provider. Those who are covered are free to use the benefits to assist in paying for costs of treatment, costs for convalescence hospital stays, income replacement and even for things not directly related to the illness.

The treatment of disease has come a long way and people are living longer. This all makes critical illness insurance more relevant and vital. Once upon a time, a heart attack would have been a death sentence but now can simply be health crisis that is manageable as a result of the sophistication of treatment for heart disease. Conversely, those who face such an illness and who were the breadwinners of their families, will now potentially face financial crisis due to long term and expensive medical costs all because of (what is now)a disability that prevents a person’s continued employment. This is where critical illness insurance can be a virtual life-saver.

Critical illness policies are often provided by employers as part and parcel of a benefits package. It can also be purchased directly in the market. Those who have dependents, large left-over debt, a family history of critical illness or the desire to simply supplement current health care coverage are perfect for consideration of this coverage. Normally these policies are quite reasonable affordable and there are big discounts offered for individuals who are healthy.  Some policies will even be issued for persons with a higher risk for disease. Call today to find out more about employer benefits programs and the ability to purchase this important coverage on the market as well.