Critical Illness Explained

Critical illness insurance is a form of supplemental insurance that’s meant to complement a traditional health insurance plan. It only covers a small number of serious illnesses and conditions instead of a wide range of possible ailments. Then it pays you a lump-sum cash benefit if you're diagnosed with any of the eligible conditions. 

The idea behind critical illness insurance is that if you’re hit with a medical emergency or a life-threatening health condition, you may be unable to afford the costs of treatment and recovery — even with health insurance¹²³.

The amount of money you receive depends on the policy you choose and the severity of your illness. You can use the money for anything you want, such as paying for medical bills or covering your living expenses while you recover¹.

(1) What Is Critical Illness Insurance, and Do You Need It?. https://www.goodrx.com/insurance/health-insurance/critical-illness-insurance.

(2) Critical Illness Insurance Costs And Benefits – Forbes Advisor. https://www.forbes.com/advisor/health-insurance/critical-illness-insurance/.

(3) Critical Illness Insurance: What Is It? Who Needs It? - Investopedia. https://www.investopedia.com/articles/personal-finance/010416/critical-illness-insurance-who-needs-it.asp.