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Does Your Insurance Have Critical Illness Coverage?

It’s a heavy subject but let’s talk critical illness coverage.

The ones like:

  • Heart attack
  • Kidney failure
  • Cancer
  • Organ transplant
  • Blindness

… and the others that can disrupt all aspects of your life.

Those lucky to prosper aren’t done with the fight. The operations and treatments associated with these illnesses bring about a new challenge. It’s ruining to those that do no have critical illness coverage.

Haven’t heard of it?

Critical Illness Coverage: What to Know

It’s morbid but smart to think about the possibilities of one’s health. These illnesses and ailments may spring about at any given time. To be caught off guard places you in a¬†literal life and death situation.

CI coverage goes beyond health insurance.

It’s used to cover expenses associated with deductibles, copays, and prescription drugs needed for the treatment of these terrible afflictions.

Let’s take a look at the two important items that come to mind:

How It Works

Health care deductibles from your existing coverage are high. They can be thousands of dollars. These work well for your average conditions but a critical illness can top tens of thousands (even hundreds of thousands) of dollars.

Critical illness coverage goes above-and-beyond. Cash payments range from $10,000 to over a $1 million. This accounts for the treatment and ongoing wellness.

This coverage can be used to support bills which could be troublesome during your outages. Such as the mortgage, car payments, insurance, and utilities.

The up-front payment creates peace of mind. This coverage is not well-known but is available through most health care providers. Just ask.

What It Costs

Okay, so what’s it going to cost?

The rule of thumb is to think of a “2-year” mark. Take what you pay, on average, for the mortgage of your home and other expenses, multiply it by 24 months and you have a rough figure of the amount of coverage you’ll need.

Rates depend on:

  • Age
  • Sex
  • Current health
  • Tobacco use (expect to pay double)

Policies through MetLife can be under $30 a month for $15,000 in coverage. Those between 40-60 (without tobacco use) can expect an average of $1,000-$1,700 in annual costs for $50,000 in a lump-sum cash benefit.

In need of benefits over $50,000? That would be something you’d need to talk about with your professional health care providers. Give them a call!

Do You Need Critical Illness Coverage?

This coverage is one that’s not known by many individuals. Yet, our society and its people are living longer, prosperous lives. Advancements in technology and medical science have made surviving major, critical illnesses possible.

Considering that most bankruptcies in the United States are the result of catastrophic medical bills. It makes sense to consider the coverage.

The CI coverage pays a lump-sum toward medical bills if you’re covered by the policy. This payment covers if you make a full recovery. It will continue to pay during if problems arrive in the future.

That alone makes for peace of mind.

Prosperity awaits. We are living longer. We are detecting ailments ahead of time. We’re finding it to be common the older we get.

Wouldn’t it make sense to have coverage in this case?

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10 Responses to Does Your Insurance Have Critical Illness Coverage?

  1. Esperanza Khan

    This is amazing! Heart failure is common in our family and Im scared that it might happen to me too. It is really important to know what your life insurance covers

  2. Miaka Yuuki

    I think health insurance is fine. It is the educational plans that are susceptible to scams, I have been a victim of one.

  3. Ales

    Health insurance is better for me – This makes sense long term.

  4. Leila

    It’s uncomfortable to talk about these things that’s why most people avoid this. But it’s very important. I’m about to talk to an agent about my own coverage and it’s very good that I stumbled upon this article.

    • Earl Williams

      Yes it’s tough for me to. But I realize that it’s a necessary part of life to deal with these things just like car insurance, home insurance or other. Anything to protect me and my family is ok with me.

  5. Peachy

    My health insurance doesn’t have one. After reading this, I’ll be sure to discuss it with my health care provider.

  6. Terry

    Even for a healthy person who lives an active lifestyle such as me, maybe it’s not so bad to invest in critical illness coverage. Regardless of good health, we can’t exactly count out the possibility of contracting something critical along the way.

  7. Hari Priya

    This is really beneficial and will definitely help the one have this coverage to help them or their family members. This is a smart way to save money for the emergency situation despite spending millions of dollars. Thanks for sharing this article with us.

  8. Dulce Pizano

    Definitely one of the best kept secrets in insurance. We never actually think of critical illness when we think insurance, we usually only think death. But something to consider when buying insurance!

  9. Mau

    Is this a different kind of insurance from health insurance? Or is it a part of it?

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