Critical Illness Insurance

We're here to help you understand your benefits in the Medicare system.

Critical Illness Insurance

You’ve got the best chance to fight through anything if you have the right systems in place, and this is where critical illness insurance comes into play. Critical illness insurance is an important asset to protect your financial security. Read on to find out everything you need to know about critical illness insurance, how it can help you, and what to expect when you shop around.

What Is Critical Illness Insurance?

A critical illness insurance policy will pay out a lump sum of money to you or your family when you are diagnosed with one of the various conditions that are covered by the policy. These could include cancer, heart attack, stroke, major organ failure, and many more.

Upon being diagnosed with one of the covered critical illnesses, you’ll receive a lump-sum payment which will help you defray medical expenses and other debts that pile up when you’re unable to work.

Critical illness insurance is different from other types of insurance because it pays you directly as opposed to paying the doctors or hospitals—usually within 30 days, depending on your policy—when you are diagnosed with one or more covered medical conditions rather than spending your own money on medical bills.

Who Should Have Critical Illness Insurance?

Critical illness insurance makes sense for everyone, no matter your health or age. It helps ensure the financial security of your whole family if the unexpected happens.

Anyone receiving Medicare is also an ideal candidate for this type of policy. Remember, even if you’re receiving full coverage from Medicare, there’s no guarantee that your cancer, heart attack, or heart disease treatment will be 100% covered. Critical illness insurance can cover the gaps in your medical expenses.

Why Should I Get Critical Illness Insurance for My Family and Myself Even if I’m Not Sick Yet?

Healthy people should consider purchasing critical illness insurance because you never know when you will get sick. After you are diagnosed with a critical illness, you cannot obtain critical illness coverage. Purchasing it before you fall ill can offer an extra cushion of financial protection if you are diagnosed with a covered critical illness or have a disability that prevents you from working.

Critical illness insurance is essential for more than a single individual—it’s designed to provide peace of mind for the whole family. If you buy critical illness insurance when you are young and healthy, it could prove to be a valuable financial asset later in life in the catastrophic event you are diagnosed with a critical illness.

When Would Someone on Medicare Need Critical Illness Insurance?

Critical illness insurance comes into play when you are diagnosed with cancer, heart disease, have a heart attack or stroke, etc. Having critical illness insurance can be extremely helpful for people on a fixed income. This type of coverage can help pay for medical bills and other expenses that add up quickly when you’re sick.

What Does Critical Illness Insurance Cover?

Critical illness insurance is not a regular life or health insurance policy. It covers over 30 different critical illnesses, including the following:

  • Heart Attack
  • Stroke
  • Major Organ Failure (such as kidney failure or liver cirrhosis)
  • Cancer
  • Alzheimer's

Critical illness insurance typically covers a wide range of illnesses. However, it’s essential to review the list of covered conditions before you buy a policy that suits you.

What Are the Benefits of Having This Type of Coverage?

  • It can help you pay for medical expenses and everyday expenses, such as food.
  • It can provide you with extra money to help cover the costs of treatments and therapies.
  • It can help you keep your home by paying the mortgage if you’re unable to work because of a critical illness.
  • It can offer peace of mind in knowing that you and your family have some financial security in the event of a serious illness.

How Much Does Critical Illness Insurance Cost?

Critical illness insurance varies depending on the company, age, number of illnesses covered by the policy, and other factors. However, generally, expect to pay around $50 to $100 per month. Critical illness insurance is generally more affordable than traditional types of health insurance because it’s explicitly designed to protect you in the event of a severe illness diagnosis.

Rely on the Experts

If you’re looking for a way to help protect your loved ones financially in the event you are diagnosed with a critical illness or have an accident that leads to disability, talk to us at Delta Benefits Group. We will help you navigate and compare policies from different insurance companies to find the most affordable and the highest quality critical illness insurance on the market. Contact our team here or call (901) 460-7220 to schedule a free consultation!

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