Critical illness insurance is medical insurance that pays a lump-sum benefit upon diagnosis of a critical illness or condition. A critical illness insurance payout helps you avoid the financial strain a major illness can create so you can focus on your recovery. It helps give you the freedom to:
- Get the treatment you want
- Spend time with your family and friends
- Keep your home and other assets
Although medical insurance and other insurance coverage(s) you may have are essential, they won't cover everything. Medical treatment has never been better, but is also expensive. People today can experience financial hardship because of the expenses their insurance does not cover. Critical illness insurance could be a strong supplement to other health insurance.
Be sure to review the benefits and coverage criteria for any critical illness plan you may choose to purchase to ensure it meets all your needs and that you fully understand the concept of this type of plan.