Critical Illness Insurance

What is Critical Illness Insurance?

Critical illness insurance is an insurance policy that provides coverage for specific critical illnesses such as cancer, heart attack, stroke, or other health issues specified in the policy. These policies will typically pay benefits in a lump sum; however, there are insurance companies that pay for specific procedures associated with a critical illness.

How is it proven that their is a critical illness?

Most of the time it must be a specialist in that field for the health issue to be deemed a "covered incident". An example would be that a chiropractor can not diagnose you with cancer. It would need to be someone in the medical profession of the critical illness unless specified otherwise.

What is the Cost of Critical Illness Insurance?

Critical Illness insurance is not expensive relative to other insurance plans. Most of the time it should be much less expensive than a life, disability or health insurance policy. However, age and lump sum benefits do affect what the premium turns up costing.

Supplemental Insurance Coverage - Medicare

Today a client from Louisiana called me to ask if they needed to purchase a critical illness policy to cover them for heart attack and stroke. They currently have Medicare Supplement Insurance and I explained that Medicare and the Medigap plan would pay for the medical costs associated with a heart attack.

She then asked are there any extra expenses that would not be covered by Medicare? I responded that non-medical expenses such as a hotel room or dinner at the local Cracker Barrel would not be covered. A critical illness insurance policy would pay directly to you and you could use the money as you saw fit.

For more help with your insurance needs please contact MWG Senior Services at 1-877-936-2991.