Critical illness insurance provides protection against unexpected illnesses. The policy covers specific diseases. And distributes a lump sum of cash should a policyholder become afflicted with said illness. Some employers offer this coverage to employees in their benefits package. But you can purchase a policy privately if it’s not included as one of your job benefits.
Each critical insurance policy has a list of ailments that it covers. Conditions such as cancer, emphysema, kidney failure, coma, blindness, and heart attack are examples of what a policy might cover.
If you’re insured with this policy, then you file a claim if you’re stricken with a covered illness. You must have an official diagnosis from a doctor. And you must survive a certain number of days. If those requirements are met, then you will receive the benefit. You can use the funds to pay medical bills or other expenses. If you’re stricken with a critical illness that not on the policy, then you can’t use the critical illness insurance.
If you’re at high-risk for a specific illness, then you might want critical illness insurance. Speak with an insurance agent to learn more about this coverage. And to see if you should have a policy.