Critical illness insurance is designed to help you when you have a serious illness that could cost thousands of dollars to treat. Your traditional health insurance often does not cover serious diseases at a level that will help you remain solvent, and you can use these policies to make sure you can afford to be sick. A critical illness policy provides a combination of health insurance and short-term disability insurance.
Critical illness insurance is for anyone who is afraid that they would not be able to afford being sick for a long period of time. People who cannot take long stretches of work off to treat their illness need the supplemental income the insurance provides and people need the extra allowances that pay for major medical care.
Critical illness claims are handled in the same way that traditional health claims are handled. The medical professional files a claim with the insurance comapany and they forward the balance to the consumer. You can submit claims for your long-term disability with the insurance carrier, as well. They will pay for the time that you have missed at work while you have been treating your illness.
Insurance for a critical illness may be disease specific or not. There are many carriers that offer cancer policies that help people treat any form of cancer they may be diagnosed with. However, there are other critical illness policies that cover all major illnesses that are hard to treat. One of our advisors can help you identify which policies can benefit you most.
The major benefit of a critical illness policy is that it allows you to pay for a major illness without going bankrupt. These policies help supplement your traditional health insurance, and they allow you to keep cash in your pocket.