Critical illness insurance is a type of protection paying out a lump sum cash payment if the policyholder is diagnosed with one or more of the illnesses listed in the policy. This kind of insurance can help provide financial stability and peace of mind for those facing the daunting costs of long-term medical care and treatment. Because critical illness insurance is a lesser known insurance benefit, organizations are sure to have their questions about the coverage. In this article, we’ll address some common questions about critical illness insurance so you can make an informed decision about implementing the insurance in your organization.
What does critical illness insurance cover?
Critical illness insurance covers a variety of illnesses and conditions, including cancer, heart attack, stroke, coronary artery bypass surgery, organ transplants, major organ failure, and paralysis due to an accident. Each plan will have different levels of coverage, so it’s important to read through the terms and conditions carefully before signing up.
Who should consider buying critical illness insurance?
Anyone can benefit from purchasing critical illness insurance as it provides financial security in the event of a severe medical condition. It is especially beneficial for people with existing medical conditions that could lead to costly treatments. Additionally, individuals with dependents or who are self-employed may want to consider investing in this type of coverage as it can provide much-needed support during difficult times. As an employer, it can be helpful to provide critical illness insurance to boost employee performance outcomes.
How much does critical illness insurance cost?
Critical illness insurance costs depend on factors such as age, gender, health history, and lifestyle habits— such as smoking or alcohol use. Generally speaking, premiums start at around $50 per month but can increase significantly depending on your circumstances. As an employee, it’s essential to shop around for the best rates and speak with an experienced broker who can help find a plan that fits the budget.
Critical illness insurance is an important form of protection providing peace of mind if you are ever faced with a severe medical condition. It pays out a lump sum cash payment upon diagnosis, so you don’t have to worry about paying expensive medical bills or missing out on work due to an extended hospital stay. Whether you are self-employed or have dependents, it is worth considering investing in this type of coverage to ensure you are financially secure in case the worst happens. As an employer, offering critical illness insurance can be key to developing a best-in-class benefits and compensation package.
Employee Retention Benefits is the premier provider of critical illness insurance. We are proud to have strong relationships with over 120 insurance carriers, ensuring organizations get the best value and prices. Our team has accumulated over five decades of experience in the health and life insurance industry, so you can trust us to provide you with the best coverage available. If you’re a business in the Long Angeles, CA, area and beyond, we’re here to take care of your organization’s benefits and insurance strategy. Let us provide you with your critical illness cover today!
