Critical illness insurance

What is critical illness insurance?

Becoming sick is often unexpected, and so are the costs that come with it. If a critical illness or cancer leaves you unable to work—even if just for a short time—that can mean lost income for you and your family. Critical illness insurance gives you a check if you are diagnosed with a covered condition, so you can focus more on your health and less on your financial health.

How does it work?

Critical illness insurance gives you a check for a pre-determined amount once your claim for a covered condition is approved. Depending on your plan, your spouse or dependent children may also be able to sign up for coverage. You can use this money to:

  • help meet out-of-pocket medical expenses,
  • pay for alternative therapies, or
  • put towards everyday expenses, like groceries or transportation or child care.

Understanding what’s covered

Critical illness insurance provides you with a full or partial benefit for a variety of covered conditions. Depending on your plan, you may receive a percentage of your benefit for the following:

  • circulatory conditions (e.g., heart attack)
  • cancer diagnoses
  • non-life threatening cancer diagnoses
  • coma
  • severe burns
  • childhood conditions (e.g., cerebral palsy)

Whether you receive a full or partial benefit depends on the covered condition. It’s important to know what conditions are covered by your plan, since some critical illness plans cover a range of illnesses and others are specific and may exclude cancer or provide coverage only for specific cancer diagnoses.

Critical illness policies are limited benefits that do not pay benefits indefinitely. It’s important for you to ask:

  • What is the maximum amount I can receive under my plan?
  • Will I receive any benefits if the same condition returns?

Check your plan details for more information on covered conditions, benefit waiting periods, and plan maximums, exclusions, and limitations.

The cost for critical illness insurance depends on your age, the benefit amount, and other factors. You should consider how it meets both your needs and your budget before you buy a critical illness plan.

Plan now so you can focus more on your health and less on your financial health.

In some states, "Critical Illness" is referred to as "Specified Disease" and is subject to state specific variations.

SLPC 24562 09/14 (exp. 09/16)

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