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Critical Care Insurance


Critical illness insurance or critical illness coverage is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy. 

The policy may also be structured to pay out regular income and the payout may also be based on the policyholder undergoing a surgical procedure, for example, having a heart bypass operation.

The policy may require the policyholder to survive a minimum number of days (the survival period) from when the illness was first diagnosed. The survival period used varies from company to company, however, 14 days is the most typical survival period used.

The contract terms contain specific rules that define when a diagnosis of a critical illness is considered valid. It may state that the diagnosis need be made by a physician who specializes in that illness or condition, or it may name specific tests, e.g. EKG changes of a myocardial infarction, that confirm the diagnosis.

In some markets, however, the definition of a claim for many of the diseases and conditions have become standardized, thus all insurers would use the same claims definition. The standardization of the claims definitions may serve many purposes including increased clarity of cover for policyholders and greater comparability of policies from different insurance companies.

There are alternative forms of critical illness insurance to the lump sum cash payment model. These critical illness insurance policies directly pay health providers for the treatment costs of critical and life-threatening illnesses covered by the policyholder’s insurance policy, including the fee of specialists and procedures at a select group of high-ranking hospitals up to a certain amount per episode of treatment as set out in the policy.

People fail to purchase critical care or illness insurance because ether they don’t know about it —or their Agents don’t know about it, and  . . .
—“My health insurance covers that” —; It is too expensive;  —“What if I don’t get the illnesses covered by the policy?”

Life insurance carriers can now answer these objections. Life insurance can now provide benefits to the insured WHILE   STILL   ALIVE . Provide benefits for Critical illnesses, Long term care services and            Terminal illness.

Call us for a Review of how you can protect your assets by using the new Life Insurance with LTC and Critical Care riders at (970) 674-9212