Critical Illness Insurance for Medical Emergencies
Critical illness insurance is for situations in which the policyholder is stricken with a critical illness. You might be interested in this coverage if you are at high risk for certain illnesses. It covers diseases such as cancer, HIV, Parkinson’s disease, Alzheimer’s, multiple sclerosis, kidney failure, stroke and more. You would need to speak with an insurance agent to learn exactly which illnesses are covered. You need to get this policy before you become ill because the policy will not cover preexisting conditions. The policy becomes active after you are diagnosed for one of the illnesses.
This type of policy pays out in different ways. There is a lump sum model that pays a predetermined sum of cash when you are diagnosed. Some policies pay monthly or biweekly like a regular job after you are diagnosed. And then there are some policies that pay the medical providers directly. Your insurance provider can provide more information.
After you are diagnosed and file a claim, there is a waiting period. You have to survive for a certain amount of time before the insurance company will pay. But once you receive the money you can pay medical bills, living expenses, and more. No one expects to be stricken with a critical illness, but critical illness insurance is for when the unthinkable happens.