Is Critical Illness Insurance a Part of Life Insurance?
Being diagnosed with a chronic or critical illness is something all of us hope to avoid. Unfortunately, serious illnesses do happen. The physical and emotional stress that comes along not only disrupts our lives but can cause major financial hardships as well. Chronic and critical illness insurance is being offered by many life insurance companies nowadays. This coverage allows a lump sum payment or monthly benefits to policyholders who are going through such a difficult period of their lives.
When shopping for life insurance, it’s important to understand the entire process and different terms and conditions that come along with it. Especially when you are looking for life insurance to cover critical illness, you should contact an independent agent. These agents work with dozens of life insurance companies, therefore, they will help you find the company that gives you the best coverage.
Cost of a Critical or Chronic Illness
There is no way of finding the exact cost of a chronic illness. All we know is it can be staggering. In the time when you should be resting and concentrating on getting healthy again or spending your last days with your loved ones, you can easily get overwhelmed with medical bills. A good health insurance may not be enough to cover the entire cost. Fortunately, there are additional benefits called critical illness riders that you can opt for. You have an option to buy different kinds of riders with your life insurance. These riders can help to a great extent with such staggering expenses. These benefits can become your life support in an hour of difficulty.
What is Critical Illness Life Insurance?
A life-threatening illness such as cancer, stroke, heart disease, kidney failure or Alzheimer is referred to as a critical or chronic illness.
Many insurers offer critical life insurance to provide you with compensation after you have been diagnosed with a critical illness. The cash payments range from $10,000 to as much as $1 million. Some insurers pay a lump sum and some offer multiple payments. All this information is discussed before you apply for life insurance.
What Exactly Is Covered Under This Critical Illness Life Insurance?
Your eligibility to receive critical illness benefit depends on your diagnosis. If you are unable to perform simple daily activities like walking, eating or bathing or if you are diagnosed with cognitive impairment then you are most likely to receive this benefit.
The payment is generally made in a lump sum if you are suffering from a triggering illness. Serious injuries are typically included. The diagnosis has to made by a qualified physician and you may also have to perform specific tests as required confirming the diagnosis.
It is up to you how you choose to use the money. Other than paying medical bills, you can also use this money for other things like buying a wheelchair or making changes in your house according to new circumstances. Imagine the peace of mind from knowing that you have the required money to make your house handicapped accessible if the need arises.
This money can also be used for paying the mortgage and other bills if needed as well.
Will You Qualify for Critical Illness Life Insurance?
There are a variety of factors that are considered when approving an applicant for critical illness life insurance coverage. Every company has its own set of guidelines and limitations when it comes to underwriting policies.
Here are a few things you must know:
- If you have already been diagnosed with a critical illness such as kidney failure or cancer, you will not get coverage. The best time to get this policy is when you are healthy but have future concerns.
- Suicide or an injury occurred because of an illegal activity may also be excluded.
- You will be required to do a detailed medical exam before your application is accepted.
- The cost of the policy is varied. Obviously, health and age are two most important factors considered when getting the best rates. The older you get, the more you pay for the rider.
- The waiting period may range from 14 days to as long as 60 days and more. It all depends on the specific policy you are applying for.
Getting Affordable Life Insurance And Critical Illness Coverage
When getting an insurance coverage for critical illness, it’s important that you find the most affordable policy available for you. Insurance companies look into dozens of factors when calculating your premiums. Let us give you some tips that will help you secure lower premiums from an insurance company.
- The first thing to do is to eliminate any tobacco use. A smoker pays twice as much when compared to a non-smoker for the same coverage. If you need an affordable plan, then kick out cigarettes for good.
- The next thing that you should focus on is to adopt a healthy lifestyle. A healthy diet and regular exercise is a must to maintain a healthy weight, and lower cholesterol levels. It will also help in reducing the risk of being diagnosed with serious health conditions like diabetes.
- The best way to ensure affordable rates for your critical illness life insurance is to compare dozens of quotes from different life insurance companies. Calling all those companies by yourself is quite time-consuming and there is a chance that you may fall into a trap and buy a policy at much higher rates. So it’s better to contact an independent life agent instead. These agents do not work for one single company, instead, they work for you so they will try their best to find a company most suitable to your needs.
No matter how bad it feels to even think about going through such a phase, it doesn’t hurt to be prepared. Unfortunately, chronic and critical illnesses are on the rise. Not only do these diagnoses bring physical and emotional distress, their financial effects can be drastic. Being prepared for the unimaginable can make things easier. Let us help you find that peace of mind. Visit our get a quote page or call us at 1-800-521-7873.
If you have any questions about critical illness life insurance coverage or life insurance in general, please contact one of our professional life agents today. We will be happy to answer any questions that you may have and will also help you find the best plan to protect your family.
No one knows what’s going to happen tomorrow. Life is unpredictable, there is no reason to wait any longer to get the insurance protection that you and your family deserve. Get in touch now.