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NJ Life & Health Insurance Group

What is Critical Illness Insurance?

Critical Illness insurance is designed to protect you financially in the event of a critical illness. Upon diagnosis of any qualifying illness, beneficiaries will receive a lump sum payment between the amount of $10,000 and $100,000, relative to premium paid. These funds can be utilized free of restrictions. Critical Illness insurance shares similarities with life insurance, except the qualifying event is diagnosis of an ailment; not death. Examples of critical illnesses are Cancer, Heart Attack, Stroke, Paralysis, Blindness, Alzheimer’s, Kidney failure, and Major organ transplant. Critical Illness policies have an issue age range of 18-64 and are purchased as lifetime policies (not term).  

Am I Someone Who Needs Critical Illness Insurance?

Whether it be cancer, heart attack, a stroke, or Alzheimer’s, most of us will experience a critical illness in our lifetime. Statistics show that one in every three individuals will experience symptoms of Alzheimer’s, while there is a 1 in 3 chance that each of us will receive a diagnosis of Cancer throughout our lifetime.  Due to an increase in high deductibles, out of pocket costs, and the variety of treatment options, the amount of money most individuals are expected to furnish before their healthcare becomes comprehensive (if ever) is rapidly increasing. Even with the best health insurance, the average annual cost of supporting a critical illness like reoccurring cancer be thousands. Being diagnosed with a critical illness while insured by this policy results in the beneficiary receiving a lump-sum payment, which can be used freely. This allows the patient to have freedom in treatment options not stifled by insurance company approval.

Examples of What Critical Illness Lump-Sum Payments Can Be Utilized For:

  • Pay high deductibles

  • Protect against unexpected bills

  • Purchasing medication

  • Paying off mortgages, personal expenses, bills

  • Pay for alternative treatments not covered by insurance

  • Explore treatments outside the U.S.

  • Focus on Quality of Care, not making ends meet

How Do I Apply?

Critical Illness Insurance plans are offered by major carriers like Mutual of Omaha, with underwriting based on past diagnosis of the above-mentioned ailments. For more information, a free consultation, a personal rate, or to apply, give us a call or stop by! Take control of your treatment options and be prepared for the costs. Experience Freedom in Healthcare.

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