Critical Illness Insurance: What Is It?
In the event of a big health emergency, such as cancer, a heart attack, or a stroke, critical illness insurance is the only option standing between you and financial ruin. KEY TAKEAWAYS Critical illness insurance offers extra coverage for medical emergencies like heart attacks, strokes, or cancer . Because these emergencies or illnesses often account for greater-than-average medical costs, these policies pay out cash to cover those overruns when traditional health insurance may not be adequate. These policies have a low cost. However, the instances that they will cover have limitations to a few illnesses or emergencies. Critical Illness Insurance Critical illness insurance was launched in 1996 , as people understood that surviving a heart attack or stroke could lead to insurmountable medical bills. Why Is It Important? It is possible to purchase critical illness insurance on your own or through your employer. You can also combine it to your current life insurance plan, which may...