Although Medicare Advantage and other health insurance plans cover basic medial needs, agents need to understand the gap in these plans and provide additional coverage options to their clients. That is why we offer critical illness insurance to help fill in some of those gaps in coverage. This insurance provides clients much-needed financial protection during difficult times.
What is Critical Illness Insurance
Critical illness insurance provides a lump-sum payment to the policyholder if they receive a diagnosis of one of the illnesses covered by the policy. Unlike health insurance, which provides coverage for medical expenses, critical illness insurance pays out a predetermined sum of money that beneficiaries can use however they want. This lump-sum payment can help cover various costs, including medical bills, living expenses, mortgage payments, and other financial obligations.
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Why is it Important
In today’s world, medical treatments are becoming more and more expensive. Here are a few reasons why having critical illness coverage is important:
- Financial Protection: A critical illness diagnosis can be both emotionally and financially devastating. Even with health insurance, out-of-pocket costs for treatment, lost income, and other expenses can quickly add up. Critical illness insurance provides a financial safety net. This allows individuals to focus on their recovery without worrying about the financial implications.
- Flexibility: Unlike traditional health insurance policies, which only cover certain medical expenses, critical illness insurance provides policyholders a lump-sum payment to use for any purpose. Whether it’s medical bills, replacing lost income, or making modifications to accommodate a disability, policyholders have the flexibility to use the funds as they see fit.
- Peace of Mind: Knowing that you have critical illness coverage can provide peace of mind for you and your family. There is a sense of security knowing you are financially protected in the event of a serious illness. This allows beneficiaries to focus on health and recovery without the added stress of financial worries.
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What Does it Cover
The specific illnesses covered by these policies depends on the insurance provider and the terms of the policy. However, most policies typically cover a range of serious illnesses, including but not limited to:
- Heart attack
- Paralysis
- Cancer
- Coronary bypass surgery
- Stroke
- Kidney failure
- Organ transplant
- Heart transplant
- Parkinson’s
- Lou Gehrig’s disease
- Multiple sclerosis
Important; before enrolling anyone in a plan, they should carefully review all terms and conditions of the policy to understand what illnesses are covered and any exclusions that apply.
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Critical illness insurance provides invaluable financial protection in the event of a serious illness, offering peace of mind to the beneficiary.
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