Critical illness policies are simply a cash lump sum of money that would be paid direct to the insured in the event of a diagnosis of one of the covered critical illnesses. Examples of typical illnesses covered by these types of policies include cancer, heart attack, stroke, ALS, etc.
When these illnesses strike they bring along with them a lot of expenses. Lost time from work, uncovered medical expenses, deductible and insurance costs, and travel expenses are just some of the financial costs that are often incurred. With health insurance policies seeming to have higher deductibles than years past, filling that gap is more important than ever. Continue reading