What is Critical Illness Protection?

The easiest way to think of critical illness protection, is as an umbrella for your overall insurance plan. Many of our clients have secured this coverage, as while they may have individual disability coverage, or business overhead expense disability protection – they want monies available to obtain a second medical opinion, or the option to receive treatment out of their health insurance physician network, that might not otherwise be covered.

Critical illness insurance is a policy that pays you a lump sum of your choice up to $100,000 in event of a heart attack, stroke, cancer, or any other number of significant illnesses.

One of the primary benefits of such a policy, is that if you are a business owner, or partner in a business, such monies can be utilized to cover your share of operating expenses in your absence – long before your individual disability coverage may begin to pay any benefit.

Imagine suffering a heart attack, and knowing you’ll very likely be back at work within three months, which is before your long term disability policy will begin paying you any monthly benefit, as it has a 90 day deductible. With a critical illness policy in place, you can focus on your recovery with less stress, and feel better knowing you and your family are protected. Such an example of the aforementioned occurred with one of our clients, who was diagnosed with Cancer, and he opted to receive treatment outside of his health insurance network. He used his critical illness policy proceeds to help him cover three months of hotels and meals during his treatment; and even better, upon learning his Cancer was in remission – took his family to Italy for a vacation, and still had monies for other needs. Best of all, four years later he is still Cancer free, healthy, and living a full and active life.

As with all of our insurance planning, we want to learn more about what is important to you - and together, design coverage that can help provide those you’ve invited into your life with protection and security.   
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