What is Critical Illness Insurance?

What is critical illness insurance?Critical illness insurance offers extra financial protection if you are diagnosed with a major illness such as a heart attack, stroke, or cancer. The financial assistance usually comes in a lump-sum payment that can be used for a variety of expenses that people often incur when their lives are turned upside down by a major illness. It isn’t meant to replace medical or disability insurance; rather it complements it by giving the insured some additional funding to pay for expenses that they will likely have when ill, such as:

  • Transportation to and from treatment centers for chemotherapy and other ongoing treatments needed
  • Childcare expenses needed during treatments and recovery
  • Additional medical copayments and prescription drugs not covered
  • Alternative treatments that a medical plan may not cover
  • Everyday expenses that may be hard to keep up with (mortgage, rent, utilities, taxes)

This insurance is important now more than ever since so many people are diagnosed with critical illnesses. In fact, the American Cancer Society projects that about 1.6 million new cancer cases are expected to be diagnosed this year. In addition, almost 14 million Americans have a history of heart attacks or angina. Furthermore, the Center for Disease Control estimates that about 800,000 people in the US have a stroke each year.

The first critical care insurance policy was launched in 1983 after South African heart surgeon, Dr. Marius Barnard, advocated for it on behalf of his patients. Barnard was driven to push for it when he saw the financial hardship his patients endured after he treated their illnesses. With all the research currently available about the dangers of stress, it’s easy to see how having anxiety about meeting expenses can hinder someone’s ability to recuperate from a serious illness.

Since there are different types of critical illness insurance on the market, it’s essential to speak with a knowledgeable insurance agent when exploring it. Our top notch agents at AssuredPartners NL can help you understand the policies available and whether this insurance is right for you. We are here to share our expertise with you so you can make an informed decision. Give us a call to discuss it today.

Sources : Wikipedia, Bankrate , American Cancer Society, AllHeartAttack.org , CDC

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