Similar to the Cancer Benefit, the Specified Insurance for Critical Illness is designed to supplement major medical coverage and help with the high costs of treatment for a serious illness. It pays a percentage of the policy face amount upon diagnosis of a covered specified disease, and benefits can be used to help pay the out-of-pocket expenses related to the treatment of your illness. Benefits from our Specified Disease plan can help you pay the following types of out-of-pocket expenses:
- An annual preventive health screening benefit
- Home or automobile modifications.
- Mortgage, utility bills and other everyday living expenses.
- Travel costs to and from treatment centers
Specified Insurance offers benefits following the diagnosis of one of the following illnesses:
- Heart Attack (myocardial infarction)
- Major Organ Transplant
- End Stage Renal Failure
- Coronary Artery Disease
- Carcinoma In Situ
- Skin Cancer
This Specified insurance plan provides options such as flexible coverage, coverage for spouse and dependents. The benefit is portable which allows the employee to take the benefit with him if he changes jobs or retires. The benefit is often guaranteed renewable as long as the premiums are paid when due. The premium will not increase because you get older. Benefits may be paid either through a lump sum or an annually restorable policy. Premium for lump sum policies do not increase with age and are typically payable until the policy is paid up at a specified age or until a claim is incurred.
Often, policies offer a (ROP) return of premium rider, which allows premiums to be refunded if the policy remains continuously in force and no claim is paid during the term of the policy. Lump sum cash payments typically allow benefits to be used for any purpose including offsetting loss of income or covering normal living expenses.
Thanks to advancements in modern medicine, chances of recovery from a critical illness like a heart attack, cancer, or stroke have greatly improved. Although most medical plans provide coverage for hospital and medical expenses arising from critical illnesses, there are still many expenses that are not covered, such as medical co-pays, transportation to treatment centers, childcare, and more—could your nest egg withstand the potential financial impact of a critical illness?
Critical Illness Insurance does not replace current medical insurance; rather, it provides a lump-sum payment if you experience certain covered conditions. Critical Illness Insurance complements your medical and disability income coverage. It can ease the potential financial impact of certain critical illnesses by helping you pay for some of the expenses associated with a covered condition. Please contact us for more information.
Critical Illness Insurance Providers: