In reality, the goal is never to have to use critical illness insurance. If you are lucky, you have never had a catastrophic event such as a heart attack, cancer diagnosis, stroke, or other significant health emergencies that led you to need this type of insurance. Many people assume that their standard health insurance will cover them for any medical emergency, but unfortunately, this is not the case. Treating life-threatening illnesses often requires insurance that costs more than any standard plan will cover. Below we will take a further look at the details of critical illness insurance and the value that it holds, with information featured from Investopedia.

Fortunately, the life expectancy of Americans is continuing to increase. However, this means that insurance brokers need to keep finding ways to afford people the privilege of staying healthy as they age. Critical illness insurance covers various catastrophes such as organ transplants, heart attacks and strokes, cancers, and coronary bypass. This type of insurance covers costs standard plans cannot handle, and the coverage can reach up to $100,000. The pricing of the policy can be determined by many factors, including age, gender, family medical history, and current health. Some situations, such as rare diseases, diseases with a high potential for multiple recurrences, and the insured’s age, may not be covered. 

It is possible to purchase critical illness insurance through your employer, but you can also enroll in it on your own. If you want to save money, you can also add it to your current life insurance plan if you have one. Critical illness insurance plans can be used to pay for a wide variety of events. This includes vital medical services that are otherwise unavailable, treatments not covered by a traditional policy, daily living expenses for the critically ill, transportation expenses, and care for terminally ill patients. 

You can start critical illness insurance plans at as low as $25 a month. However, the more illnesses covered on your plan, the more you will be paying in deductibles. Many plans also do not provide a guaranteed payment. Senior citizens especially need to be careful as they could possibly be put on an age-reduction schedule, leading to their payout decreasing as they get older.