Do I Need Critical Illness Insurance?
How critical illness insurance can help
Health insurance plans typically provide some coverage of treatment for serious illnesses and medical conditions. But cancer, heart attacks, strokes and other conditions can be expensive to treat and require extended time away from work, causing loss of income. So, depending on your individual situation, you might ask yourself if you need critical illness insurance.
Critical illness insurance can provide a lump-sum payment of between $10,000 and $100,000 to help cover a range of costs related to certain conditions that aren’t covered by your health insurance policy. These costs can include:
- Deductibles and copayments for your health insurance plan
- Income lost because you can’t work or because a family member is taking time off work to help you
- Travel for treatment
What critical illness insurance covers
Critical illness insurance provides a financial benefit to you if you experience cancer, heart attack, stroke or other serious conditions. Learn more here about critical illness insurance.
Policies are available for those between 18 and 64 years old, and coverage can also include additional family members.
Reasons you might need critical illness insurance
A licensed insurance agent can help you determine your need for a policy covering critical illness. Some of the situations where it may make sense to obtain a critical illness policy include:
- You have a high-deductible health insurance plan. The conditions covered by critical illness insurance often are expensive, and the costs can quickly surpass the deductible. This policy can help provide coverage for the entire deductible.
- You might need coverage for lost income if you need to take time away from work so that you can continue to pay for your mortgage, utilities, groceries and other essential expenses.
- You’re a small-business owner and might need coverage to continue paying operating expenses while you receive treatment and recover.