In today’s healthcare landscape, even with medical insurance, a serious illness can derail your finances and your peace of mind. That’s where critical illness insurance steps in and offers an essential financial cushion when you need it most.
What Is Critical Illness Insurance?
Critical illness insurance is a type of supplemental coverage that pays a lump-sum benefit directly to you if you’re diagnosed with a covered serious medical condition. Unlike traditional health insurance, which pays doctors or hospitals, this policy pays you, giving you the flexibility to cover anything from medical expenses to mortgage payments, childcare, or everyday living costs.
Coverage Highlights
This policy provides benefit levels up to $100,000 and can include guaranteed issue options, meaning you can get coverage without a medical exam or health questionnaire in many cases. It’s designed to ease your financial burden during some of life’s most challenging moments.
Some covered conditions include:
- Cancer (including Skin Cancer)
- Brain Tumor
- Heart Attack
- Stroke
- Heart Illness
- Advanced Alzheimer’s
- ALS (Lou Gehrig’s Disease)
- Coma
- End Stage Renal Failure
- Major Organ Transplant
- Loss of Independent Living
Why This Coverage Matters
The need for critical illness insurance has never been more urgent. According to a recent study, 75% of Chapter 7 bankruptcy filers in the U.S. cited medical expenses as a primary cause. Another alarming statistic from 2022 found that 17% of adults with healthcare debt had to declare bankruptcy or lose their homes due to medical costs.
What’s even more surprising? 78% of those who filed for bankruptcy due to medical expenses had some form of health insurance. Traditional coverage often doesn’t cover out-of-pocket costs, travel to specialists, experimental treatments, or lost income.
40.3% of individuals lose income due to their illness, often because they’re unable to work, adding yet another layer of financial stress on top of their health crisis.
The Real Benefit: Financial Flexibility
The tax-free payout from a critical illness policy can be used however you see fit:
- Replacing lost income
- Paying for treatment not covered by insurance
- Hiring home care or a private nurse
- Modifying your home or vehicle to accommodate your condition
- Supporting your family during recovery
Peace of Mind When It Matters Most
A serious illness is difficult enough without the looming threat of financial ruin. With benefit levels up to $100,000 and guaranteed issue options, critical illness insurance offers a proactive way to protect your savings, your family, and your future.
It’s not just insurance, it’s security, stability, and peace of mind.
To learn more about your insurance choices, connect with one of our agents today to discuss all your options and answer any questions you may have. The experts at LIG Solutions have licensed health insurance professionals who intend to offer a simple and transparent view of healthcare coverage. There’s no need to spend hours trying to understand different plan options – we’ll work with you to understand your needs and budget to recommend a plan that will work best for you. And because we have no vested interest in which insurance carrier you go through, you can rest easy knowing we are truly looking out for your employees’ best interests.
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