What is critical illness insurance?
Critical Illness coverage provides a lump-sum cash benefit to help cover expenses associated with a qualifying serious illness. These plans come at a relatively low cost and can help you weather a crisis without draining your savings.
Upon approval of a claim, which is triggered by a diagnosis, there are no stipulations on how you use the benefit. As additional value add-ons, some carriers offer optional plans that cover specified diseases such as Alzheimer’s, Dementia, ALS, End-Stage Renal Failure, MS, and Coma.
In many cases, there are no stipulations on how you spend the benefit, including daily living expenses, transportation expenses getting to and from treatment centers, even taking a vacation to a restful place to recuperate with family.