Critical Illness

Critical illness insurance is a type of supplemental insurance that provides a lump-sum payment to the policyholder in the event of a diagnosis of a serious illness such as cancer, heart attack, stroke, and major organ transplant among others.

The amount of the payment depends on the benefit selected and the severity of the illness. These amounts can range anywhere from $5,000 to $50,000.

The lump-sum payment received can be used any way the policyholder wishes for things such as:

• Lost income replacement
• Health insurance deductibles, co-pays, prescriptions, experimental treatments and out of network expenses.
• Everyday living expenses including mortgage, auto and credit card payments.
• Extended travel and lodging to treatment centers out of town

Example:

• Patient is diagnosed with a heart attack

Critical Illness insurance is highly recommended in addition to a comprehensive health insurance plan to help provide for unforeseen medical as well as non-medical expenses as the result of a catastrophic health event.