Receiving a cancer diagnosis or suffering a heart attack is a stressful time not only for the person going through it but their caregivers and family.
With the mounting hospital bills along with the expenses of ordinary life, like car payments and a mortgage, one can start to feel overwhelmed pretty quickly. However, there is a silver lining for many during these dark times.
Critical illness insurance is a type of specific coverage created to help ease the financial burden families endure with a critical illness and provide the much-needed funds to help with financial expenses.
Understanding How Critical Illness Works
Critical illness insurance covers costs associated with certain diseases and specific policy conditions. If you are diagnosed with one of these ailments, a lump sum payment is paid out directly to you as the insured. Common conditions covered by critical illness policies are listed below but keep in mind the conditions covered will vary by policy:
- Heart attack
- Kidney failure
- Organ transplant
- Heart transplant
- Coronary bypass surgery
Types of Critical Illness Policies for Tucson, AZ Residents
The three basic critical illness forms you can purchase are:
Simplified Issue Individual: A simplified issue critical illness insurance policy is available in amounts up to $50,000. The underwriting requirements are not as rigorous as for a critical care policy for a more substantial amount and ask only a few basic health questions. These plans are affordable to most families, and we can you give quotes over the phone or online.
Fully Underwritten Individual: For a critical illness insurance policy in amounts up to $500,000, you can buy a fully underwritten policy. Be prepared to give a very detailed medical history to the insurance company for the higher amount of coverage. Some employers may offer this type of critical illness insurance.
Policy Rider: Some life insurance policies offer critical illness coverage through an endorsement to the policy (policy rider). Call us for your life insurance quotes today.
Like any other life insurance or accident insurance policies, the rate will vary by carrier and applicant information. Call Blake Insurance Group today for all of your life insurance needs.