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Critical Illness Insurance

Critical Illness Insurance for a Dire Situation

Critical illness insurance is the result of hoards of Americans going bankrupt following medical emergencies. Medical care is an astronomical expense. Most people cannot afford to pay for it, especially without help from insurance. Critical illness insurance is specifically for people diagnosed with a critical illness. It can be a part of a package of insurance products offered by an employer.

When facing a critical illness, such as cancer, stroke or heart attack – this insurance provides cash to help pay for expenses. The stress of having a critical illness, along with procedures such as heart transplants, kidney failures, angioplasty, and more don’t need to be made worse by financial worries. This insurance can help make a bad situation slightly better by erasing your financial worries.

The way it works is very simple. When you have a policy, and are diagnosed with a covered illness, you will receive a payout from the insurance company. A doctor has to officially diagnose your illness, and the insurance company must have proof.

The insurer will pay a single payment to you, ranging from as little as $20,000 to as much as $2 million. It is also possible to have the policy pay over time instead of as a lump sum. The policy can help pay for things such as organ transplants or heart bypass surgery. In some cases, you can opt for the payment to go directly to the healthcare provider. Mostly, however, payments are made to the policyholder.

When the policyholder receives the payments, they can use the money to pay for experimental treatment, expenses to travel for treatment, pay bills and more.