Critical illness insurance covers a variety of illnesses, situations, and health conditions.
While many companies think about how disability insurance can protect employees’ health, other policies can help when tragedy strikes. One such policy is critical illness insurance. How does it differ from others, and what are the benefits of obtaining a policy for yourself?
What Does Critical Illness Cover?
Critical illness insurance will work if you receive one of the specific health conditions or injuries listed in the policy. The illnesses and conditions under coverage may vary significantly between different insurers. To give you an idea of critical illnesses that might be covered, include:
- Major organ transplant
- Stroke
- Heart attack
- Certain cancer types and stages
- Parkinson’s disease
- Alzheimer’s disease
- Multiple sclerosis
Most policies will also factor in permanent disabilities due to injury or illness. However, there are common exclusions such as injuries like broken bones, non-invasive cancers, and hypertension.
When Do You Need It?
Consider obtaining critical illness insurance if:
- You have dependents
- Lack enough savings to help you out if you become seriously sick or disabled
- You don’t have an employee benefits insurance to cover a long time off work because of your illness
On the other hand, you might not need the insurance if:
- You have no financial commitments, like mortgage or dependents
- Have sufficient savings to cover constant expenses such as rent, bills, or mortgage payments
- You have a significant other who can cover living costs and any shared commitments, like a mortgage
What Impacts the Insurance Cost?
Critical illness policies cover a variety of illnesses, situations, and health conditions. So, it’s crucial to compare what various insurers can offer you. The cost is affected by:
- Your age
- Whether you are a smoker or have smoked
- Your current health, weight, and family medical history (Make sure you are truthful in your application; otherwise, your claim may get rejected)
- Job – some occupations are higher risk than others
- Coverage level
How Much Critical Illness Coverage Do You Need?
The amount of critical illness coverage that you will need depends on:
- Debts
- Dependents
- Take-home pay
- Work benefits
- Mortgage/rent payments
- Other insurance products you have
You can modify your coverage amount according to your needs and monthly payments.
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin