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Critical Illness Insurance
Cash benefits to supplement your major medical insurance policy
Pay your mortgage, medical bills, or other expenses that don’t stop, even when you experience a serious illness.
Cash benefits to supplement your major medical insurance policy
Pay your mortgage, medical bills, or other expenses that don’t stop, even when you experience a serious illness.
What Does Critical Illness Insurance Cover?
Critical illness insurance provides a lump sum benefit when you are diagnosed with a covered illness, as shown in the policy. The amount of the benefit varies depending on the severity of the condition and how long you’ve had your policy.
The following lists are intended to provide general information and include common coverages and exclusions. Read the details of any policy you’re considering carefully.
Conditions Critical Illness Policies May Cover
- Life-threatening cancer
- Heart attack
- Kidney failure
- Stroke
- Coma
- Coronary artery bypass
- Loss of sight, speech or hearing
- Major organ transplant
- Paralysis
- Severe burn
Critical Illness Policies Often Don’t Cover
- Self-inflicted injury or sickness
- Recurrence of cancer (only the first diagnosis may be covered)
- Illnesses that occur during the policy waiting period
- Diagnoses related to pre-existing conditions
- Procedures that are not medically necessary
- Experimental procedures or investigational drugs
- Procedures not prescribed by a doctor
- Injuries resulting from war or active duty military service
- Injuries sustained at work, while under the influence of drugs or alcohol or while participating in a high-risk activity like bungee jumping
Pros and Cons of Critical Illness Coverage
- You’re in control– You choose how to use your benefits to spend any way you need while you recover.
- Keep your doctor– You may choose to go out of network and be able to use any provider or facility.
- Apply year-round– There is no official open enrollment period.
- A plan for every budget– Different levels of coverage may be available at different premium price points and different benefit levels to meet individual needs.
- Affordable monthly premiums– Because policies are so limited in what they cover, it’s relatively affordable to maintain this supplemental coverage.
- Limited coverage + many exclusions– These plans are only meant to cover specific illnesses.
- Premiums are based on age– The younger you are, the lower your monthly premium, and coverage may be terminated when you reach a certain age.
- Not ACA-qualifying major medical coverage– Critical illness coverage is a form of supplemental insurance, meant to be paired with a major medical plan.
- Waiting periods– Most policies won’t pay benefits for a diagnosis relating to a health condition until you’ve completed your policy’s waiting period.
Combine With Other Insurance Plans for More Coverage
Combine a critical illness policy with other supplemental health insurance products for more coverage. Hospital indemnity insurance, dental, vision, and accident insurance can complement your supplemental critical illness insurance.
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Critical Illness Insurance Resources
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Speak to a licensed health insurance agent during business hours for help understanding your options and enrolling in coverage.