Frequently Asked Questions
What is critical illness insurance and who needs it?
It pays a lump-sum cash benefit ($10,000-$500,000) on diagnosis of covered conditions like cancer, heart attack, stroke, or kidney failure. Useful as a supplement to health insurance to cover deductibles, lost income, and non-medical costs (childcare, travel for treatment).
What conditions are typically covered?
Core covered conditions include invasive cancer, heart attack, stroke, coronary bypass, kidney failure, and major organ transplant. Many policies add ALS, paralysis, and Alzheimer's. Read carefully - early-stage cancers often pay only 25% of face amount.
How much does critical illness insurance cost?
A healthy 40-year-old can get $25,000 of coverage for $15-30/month. Premiums rise sharply with age - at 60, the same coverage may cost $60-100/month. Group employer plans are often the cheapest option.
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