Critical Illness Insurance
Critical illness insurance is insurance that pays once you’re diagnosed with a critical illness. The definition of critical illness can vary by insurance company. You should understand exactly what your policy covers, and which illnesses are included. One company might say you are critically ill if you are going to die within one year. One company might say you are critically ill if you are confined to a hospital bed.
This insurance can pay medical expenses when you have an illness that is covered by the policy. The thing is you must have this policy before you get sick. The insurance company will not insure you if you are already critically ill. This type of policy usually covers cancer, stroke, heart problems, and organ transplants.
How It Works?
It is easier to get this type of policy when you are young and healthy. The older you are, the higher the policy. The rates are higher because insurance underwriters know that older people are more likely to have health problems. However, when you have coverage, you will receive payment following a diagnosis of critical illness.
Coverage is available for different types of illnesses. Speak with an insurance agent about the type of critical illness insurance that is available. You might have to speak with several agencies before you find on that covers the illness you’re concerned about.