Critical Illness

Medical advances have extended our life span, but they haven’t made us immune from having a heart attack, stroke or being diagnosed with cancer.

While any of the above diagnosis is no longer a death sentence, they carry a hefty treatment cost. Medical insurance helps reduce costs, but most plans don’t cover all the expenses related to treatment. Critical illness insurance is a supplemental insurance that can cover the expenses associated with cancer, heart attack, stroke and more.

The chance of getting diagnosed with cancer or having a heart attack is heightened for people over age 40. In fact, according to the American Cancer Society, one in two men and one in three women develop cancer in their lifetime.

Medical insurance will cover the diagnosis and treatment of these serious illnesses, but experts say most plans won’t foot the bill for the co-payment, co-insurance, high deductible or any experimental treatments. It also won’t help cover mortgage payments if you are out of work, or transportation to a treatment center, or to see an out-of-network doctor.

Keep in mind that you can’t take the insurance out once you are diagnosed with cancer, have a heart attack or suffer from a stroke. You have to be healthy to be eligible for this form of insurance.

The good news is improvements in medical treatments means most people will survive a very serious illnesses. The bad news is that the vast majority of bankruptcies in the U.S. are related directly to medical conditions. This is due to the finances that are significantly impacted by what is not covered by the medical plan.

Although there is no guarantee you will suffer from any of these illnesses, Critical Illness Insurance can offer peace of mind.