Critical care insurance provides emergency funds when they're needed most. In the event you are afflicted by with a life-threatening illness, from Alzheimer's disease to cancer to kidney failure, make sure you are financially able to manage your condition and also provide for your family. Some chronic conditions require long-term care that will not be covered by disability coverage or life insurance. Critical care insurance is the answer.
Critical care Insurance pays a lump sum benefit, provided the insured has survived for 30 days after the initial diagnosis of a Critical Illness. This lump sum payment can be used for any purpose including paying bills, off a mortgage, for special care and treatment, and for lifestyle, occupation or habitat modifications - even if the individual makes a full recovery.
What is Critical Care Insurance? How does it work?
Critical care insurance is a form of supplemental health coverage, covering the cost of treating and managing a variety of life-threatening illnesses.
Critical care benefits are typically paid in a lump sum, often 30 days after an illness occurs or is diagnosed. (If signs of the illness do not persist after the 30-day waiting period, benefits are not paid.) Coverage limits can be as high as $1 million.
Critical care premiums are based on policyholder's age, gender, and family health history. Most policies generally terminate at age 65 to 75. Men and smokers generally pay higher premiums. A history of hereditary disease can make some ineligible for coverage.
Benefits of Critical Care Insurance:
A variety of serious health conditions are covered: Alzheimer's disease, angioplasty (heart bypass), cancer, heart attack, kidney failure, major organ transplant, paralysis, and stroke.
Policyholders can use their critical care benefit any way they want, from making mortgage payments to retrofitting their car for a wheelchair to supplementing their income while out of work.
Critical care policyholders don't have to be disabled or employed to collect their benefit.
Critical care insurance premiums are often refunded to a policyholder's beneficiary or estate if the policyholder dies without applying the plan's benefit.
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