What is Critical Illness Insurance?Critical illness insurance or critical illness coverage is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy.
The policy may also be structured to pay out regular income and the payout may also be on the policyholder undergoing a surgical procedure, for example, having a heart bypass operation. Conditions That May be Covered:
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Cancer Insurance
According to the American Cancer Society, In America, men have about a 1-in-2 lifetime risk of developing cancer and in women the risk is a little more than 1-in-3. Projections are that annually 1.6 million new cancer cases are to be diagnosed. As Advances in treatment continue so will the survival of those who are diagnosed. As shown by the five-year survival rate for all cancers diagnosed between 2003 – 2007 is 68%, which increased from 49% in 1975-1977.
Although health insurance can help offset the costs of cancer treatment, many people still have to cover deductibles and co-payments on their own. Additionally, cancer treatment can cause out-of-pocket expenses not covered by traditional health insurance:
Although health insurance can help offset the costs of cancer treatment, many people still have to cover deductibles and co-payments on their own. Additionally, cancer treatment can cause out-of-pocket expenses not covered by traditional health insurance:
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Meanwhile, living expenses like as car payments, housing cost, monthly bills, and general living expenses continue whether or not you are able to work. If a family member has to stop working to help take care of you, the income losses can be substantial.
*American Cancer Society-Cancer Facts and Figures 2014 Contact us to learn more about Critical Illness and Cancer insurance. |