What is critical illness insurance?
Critical illness insurance is an insurance product where the insurer is contracted to make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the policy.
A policy may also be structured to pay out regular income, and the payout may be triggered by the policyholder undergoing a surgical procedure — a heart bypass operation, for example.
Anyone diagnosed with a critical illness will tell you it can be as difficult financially as it is emotionally. The lump sum exists to buy back some choices at the worst possible moment.
Conditions that may be covered
Why it pairs with a high-deductible plan
If your health plan carries a five-figure family deductible, a critical illness benefit is often the cheapest way to make that deductible survivable. The two products are frequently priced so that adding the supplement costs less than moving down to a richer medical plan.
We model both options side by side before recommending either.
Talk to us about the right critical illness coverage for you.