A Critical Illness Insurance Plan is a great supplemental addition to your health insurance coverage. So often, individuals find themselves caught completely off guard by critical illness. In such circumstances, many times the individual is left with mounting hospital bills. With Critical Illness Coverage, if you should be diagnosed with a critical illness, these plans will provide you a lump sum to be used at your discretion.
Critical illness insurance is defined as follows: Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy. A Critical Illness policy will sometimes cover Alzheimers, blindness, Multiple sclerosis, Parkinson’s, kidney failure, stroke, heart attack and many other conditions. Be sure to review your family history as well as the exclusions that some policies have.
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