| Critical Illness Insurance |
We live in a country where we have access to the most advanced medical procedures in the world. These advances in technology, treatment and state-of-the-art facilities result in more and more people surviving major life changing situations such as cancer, heart disease, stroke, and even kidney failure.
Critical illness insurance has been described by some as catastrophic disability coverage. The difference: a critical illness policy will pay a lump sum benefit on the diagnosis of a covered illness.
Why Critical Illness
Some of the costs associated with critical illnesses are not covered by your traditional health insurance plan. For example, some indirect expenses associated with covered illnesses such as non-medical expenses, may not be covered by traditional medical insurance.
Some examples:
- Your spouse's lost income for time off work to assist in your care.
- Modifications needed to your home, or possibly your car to accommodate the changes that may be needed to aide in your care,
- Some home healthcare needs or simply house cleaning assistance
One important note, critical illness insurance is not to be confused with an "accelerated death benefit" rider that can be purchased on some life insurance policies for an additional cost for that specific type of coverage.
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