Should You Consider Critical Illness Insurance?

July 12, 2018

Editor’s note: This post was originally published on 7/13/17 and has been updated for accuracy and comprehension.


Nobody likes to think about their health failing.

Rising healthcare costs affect everyone.

A large number of Americans, whatever their insurance situation, would find it a struggle to pay for unexpected medical expenses.

Fortunately, there are options that can help to bridge the gap.

Critical illness insurance plans pay a lump sum cash benefit if you get cancer or are diagnosed with another serious illness.

While you may question the necessity of such coverage, taking a closer look shows just how much help they can provide.

Let’s put an end to the question, “Do I need critical illness insurance?”. Read on to find out what it is, why it’s “critical,” and how to make the best choice for your unique needs.

What is critical illness insurance?

A critical illness plan does not replace your primary health insurance.

It is supplemental, helping to defray some of the costs associated with certain health issues.

Here’s how it works:

  • Diagnosis. The hope is not to have to use this insurance; however, if you do receive an unfortunate diagnosis that is covered by the policy, you’ll be glad to have it.
  • Benefit. You receive a one-time, lump-sum payment to use in whatever way you deem necessary. For example, medical expenses, mortgage payments, car payment, childcare costs or any other household expense are common uses for this benefit.

Everybody likes to have options. With critical care insurance, you have the ability to customize your plan according to the amount of coverage you want.

What does the policy cover?

Depending on your specific plan, here are examples of illnesses or conditions that may be covered:

  • Heart attack
  • Cancer
  • Coronary artery bypass
  • Stroke
  • Angioplasty
  • Major organ failure
  • Coma
  • Paralysis
  • End stage renal disease
  • Severe burn

The plans will vary, but some offer benefits for more than one category of illness. You should also be aware of the limitations of the policy, such as waiting periods and pre-existing conditions.

Do I need critical illness insurance?

The odds are in your favor when it comes to surviving a critical illness, but your finances may not recover as well.

Your primary health insurance will cover the diagnosis and treatment of your illness, subject to your meeting the deductible and out of pocket requirements.

The burden of these financial strains can have disastrous effects.

Obtaining supplemental critical illness coverage does more than just add an extra layer of financial protection.

It also provides peace of mind.

You can gain a greater sense of financial security should some unexpected medical event come about.

The choice is yours

No one can tell you what’s right for you or your family.

Your decision to seek critical illness insurance will be a personal one that’s based on your needs.

These types of choices would be easier if there was a crystal ball for you to look into in order to discern what’s around the corner for your health.

Unfortunately, there’s no such thing!

What you do have is your family history, statistics, and common sense.

As you age, your chances of experiencing various ailments can increase.

Get the protection and peace of mind that critical illness insurance provides. The expertise of a benefits specialist at InsureOne Benefits can help guide you in the right direction.

Does the idea of having extra coverage for a critical illness give you peace of mind?