Accident and Critical Illness
Accident and Critical Illness Insurance
Accident and Critical illness insurance pays a lump-sum, tax-free, cash payment if you are diagnosed with and satisfy the survival period for any one of the critical illnesses covered by your policy. It’s just that simple. One check for the full amount.
Illness Commonly Covered with Accident and Critical Illness Insurance
Accident and Critical illness policies provide benefits if you are diagnosed with – or experience sudden onset of – a critical illness. Depending upon the policy, this may include a range of conditions including:
- Heart attack
- Kidney failure
Do You Need a Critical Insurance Plan?
When reviewing your need for a critical illness insurance policy, there are several important things to consider, such as whether you have a family history of serious illness. You also want to consider the things you want to protect, like your home and retirement assets. Look at your finances and determine if you would be able to pay your bills for six months or more if you were not able to work due to medical concerns.
What Does Critical Illness Insurance Cover?
Critical illness policies vary in the amount and type of coverage they provide, and it is important to examine the policy closely. Here are some of the things to investigate in any particular policy:
- What illinesses are covered? In addition to the top three illnesses – heart attack, stroke and cancer – these policies can cover a wide range of health procedures and medical crises, including a major burn or coma, a by-pass surgery or an angioplasty.
- What are the restrictions? These policies differ in the type of coverage, and illnesses can be subject to certain limitations. For example, many policies will only cover HIV/AIDS if you contracted the disease through blood transfusion or organ transplant.
- How are benefits paid? If you receive benefits from your critical illness policy, they can be used for any medical or non-medical expenses you have, at your discretion. However, the amount you receive may vary under different circumstances. For example, the amount of coverage you receive in the event of a cancer diagnosis may depend upon whether the cancer is localized or it has metasticized.