Work with Insuring Income to receive quotes from the major providers of Critical Illness Insurance. Critical Illness Insurance will pay a lump sum benefit to the policy owner when a qualifying event occurs. The typical qualifying events for a Critical Illness Insurance claim are as follows:
- Heart attack
- Heart surgery (performed at a hospital by a physician)
- Cancer (except skin cancer, Stage A prostate cancer, and carcinoma in-situ)
- Brain tumor
- Kidney failure
- Organ transplant (heart, kidney, liver, lung, pancreas)
- Multiple Sclerosis
- Paralysis (two or more limbs)
- Dismemberment (two or more limbs)
- Severe burns
- Plus other illnesses, varying by carrier. Inquire for a formal quote.
Critical Illness Insurance could be purchased for the spouse of a high income earning professional (Physician, Dentist, Attorney) that otherwise would not be able to purchase disability insurance. It is also ideal for individuals that already have the maximum amount of disability insurance in place. If someone is in a high risk occupation, they could be uninsurable for individual disability insurance. Last, someone might want a Critical Illness Insurance policy so that they have a lump sum of money that comes in if diagnosed with a serious illness. Critical Illness Insurance can be owned by itself or in conjunction with other disability insurance policies/coverage. Key Features -Lump Sum Benefit: If diagnosed with one of the covered conditions, a lump sum benefit could be paid out to the insured. What the insured does with the benefit is up to him or her. The lump sum benefit could be used to pay medical bills, to go on vacation to help with the emotional impact of the illness, to pay rent or a mortgage, or to do whatever they see fit. The money could even be used to train oneself to enter into another occupation. – Benefits are Paid Direct to the policy owner: Critical Illness insurance pays the insured directly, in addition to all other insurance coverages he may have; which gives the client control of how the funds will be used. In this way, Critical Illness insurance bridges the gap between a traditional health insurance policy and the actual expenses incurred. – Flexible Coverage Options: In some cases, people can choose to have a policy paid up in 20 years or have premiums returned after 15 years, thus the flexibility that consumers expect and need in today’s busy world.