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Critical Illness Insurance


The term critical illness insurance is broad. Insurance companies began selling these policies in the 1990s. Today, the market is huge. Americans have about $12 billion dollars of critical medical insurance. Please read the policy carefully.

A company can write a specific definition. Company ABC say you are critically ill if you are going to die within one year. Then, company XYZ say you are critically ill if you are confined to a hospital bed. You receive the best rates and benefits from your employer. Insurance companies offer better rates when groups of people are insured together. Here is a closer look at the critical medical insurance policy.

Who Is It For?

First, critical insurance can pay our medical expenses if we get sick or have a medical condition. Therefore, if you are concerned about your health, you should obtain critical insurance. Do not wait until you get sick. The insurance company will not insure you. We buy this insurance to pay for cancer, a stroke, heart problems, organ transplants and other health problems.

How It Works?

Next, critical health illness policies are different because they are based on our age. If you are young and healthy, the rates are lower. On the other hand, older persons pay higher rates. The rates are higher because insurance underwriters know that older people are more likely to have health problems. You make a monthly payment to the insurance company. If you get cancer or become critically ill, the insurance company will send you a check.

Types of Coverage

Then, there are different types of critical illness insurance policies. The most common policy is cancer insurance. This policy covers you if you get cancer. Also, people buy protection for blindness, deafness, terminal illness, kidney failure, stroke, heart disease and other diseases. Keep in mind that insurance companies write their own policies.