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Critical Illness Insurance

Critical illness insurance provides coverage for specific conditions. The policy bridges the gap between health benefits and certain types of life insurance. Unlike most other types of insurance, this policy provides the policyholder with a lump sum of money. The funds can pay for medical bills, therapy, and medications. The money can also pay for household expenses.

In order to use this policy, you must be diagnosed with a critical illness. And that illness must be one that is covered in the policy. You will also have to live for a certain number of days after the diagnosis. If you survive that period, then you are eligible to file the claim. But before the insurer will approve your claim, a doctor must verify your illness.

Critical illnesses policies cover a variety of illnesses. But each insurer has its own list of acceptable illnesses. So one insurer might cover conditions such as heart disease, cancer, and kidney failure but another may not. Do your research before purchasing a critical illness insurance policy. If you’re at high risk for a certain condition, then make sure the insurer covers it. You might want a policy because you’re at high-risk for cancer. So make sure the policy you purchase actually does cover cancer.