Critical Illness Insurance – Critical Illness Plans, Coverage & Quotes
Critical illness insurance can help you and your family through tough financial times. It will cover the medical expenses your regular family health insurance doesn’t. This type of insurance is intended to assist you in dealing with the financial impact of medical conditions which are unexpected and relatively rare. When you are critically ill, the cost to you and your family goes beyond hospital visits. How does a critical illness insurance policy work? It pays out a lump sum to your family upon the development of a severe illness that is covered. Conditions covered in most standard critical illness insurance plans range from cancer and organ transplants to stroke and heart attacks. However, the exact coverage offered varies among critical illness insurance plans. You can get a critical illness insurance quote for anywhere from $10,000 to $1 million over a period of two to 25 years. It can be bought as a supplement to a family health insurance or life insurance plan, or as a stand-alone policy.
This type of insurance accounts for other expenses that may result from your condition. If you are predisposed to a covered condition, critical illness insurance plans provide your family with an added measure of security. Critical illness health insurance payouts can be used for whatever purpose the family chooses. Since critical illness insurance policies are meant to reduce stress and allow you to focus on recovering from your illness, the money can be used for medical deductibles and co-payments, hiring household help, or keeping up with mortgage or rent payments, utility bills, and other loan payments. Your family will also be able to afford travel and accommodations to and from specialized treatment centers that are centers of excellence in treating your illness. Family support is very helpful in the healing process.
It is essential to understand the specifics of any critical illness insurance policy prior to signing a contract. Certain subcategories of conditions may be excluded from coverage in most critical illness insurance plans; e.g. most types of melanoma (skin cancer) aren’t covered by many policies. A more comprehensive policy will most likely result in higher critical illness insurance rates. In general, critical illness insurance does not cover suicide, nor does it cover injuries which are self-inflicted or resulting from illegal activity on your part. Also remember to check for any waiting period that may be required before your critical illness insurance coverage takes effect, as well as any waiting period after your diagnosis for your family to receive the lump sum. Many critical illness insurance plans will not pay out any money if you die fewer than 30 days after being diagnosed with an eligible condition. However, you can attach riders that will reduce this risk at an additional fee.
It may be a good idea to buy such a family policy at a relatively young age if you are at high risk and have a family to support, because critical illness insurance quotes are cheaper when you are younger. Critical illness insurance is far more expensive as you get older and more likely to become sick. If you are over 65 years of age, you may be unable to find a critical illness insurance plan at all. Even more so than with standard family health or life insurance, you must buy a policy before you become ill. Most critical illness insurance companies will either refuse to cover you if you have developed an eligible condition, or offer you a policy that excludes that pre-existing condition.
When buying a critical illness insurance policy to protect your family, VitalOne’s licensed insurance agents can help. We have quotes from several critical illness insurance providers with different coverage levels.
