Sprouse Bacher Financial Group, Inc.

Though relatively new to the North American marketplace, critical illness insurance is growing in popularity. It's insurance designed specifically to help meet the financial needs associated with recovery from a life-altering illness. It provides a lump-sum cash payment that can be used any way you choose.
 

What Kinds of Illnesses are Covered

Unlike life insurance that supports your survivors after you're gone, or disability insurance that replaces some or all of your income if you're unable to work, critical illness insurance provides you with a cash payment if you're diagnosed with one of the illnesses covered by the policy.

If you're diagnosed with one of the covered illnesses, and you satisfy the terms of the contract (for example, you must survive for at least 30 days after the diagnosis of cancer), you will be paid a one-time, lump-sum benefit. You don't have to provide receipts or explain how you’ll use the money. Qualifying for your benefit involves an objective diagnosis of your illness by an appropriate medical specialist After your claim is paid your policy ends; you can claim only once. Typically, critical illness insurance plans cover conditions such as heart attack, stroke, cancer, kidney failure, and heart bypass surgery. Illnesses covered and features of plans vary between companies, so be sure to find out all the details of the plans you’re considering.
 

Aren't Group and Health Insurance Enough?

While group and extended health care benefits may cover some needs for a short period of time, often the extra expenses exceed what's covered by your benefits. As a result, you may need to dip into your savings, stop retirement or education contributions, or liquidate your assets to cover your costs.or liquidate your assets to cover your costs.