A critical illness policy is an insurance plan that pays out a lump sum after you have been diagnosed with a life-threatening illness. The amount of coverage and illnesses covered under a policy vary from provider to provider, but there are some common conditions included.
Generally, a critical illness policy covers the following illnesses:
• Heart attack
• Kidney failure
• Chronic respiratory failure
• Alzheimer’s disease
• Major organ transplant
• Muscular dystrophy
• Major burns
• Multiple Sclerosis
• Parkinson’s disease
In addition to the illnesses listed above, some critical illness policies also cover other medical emergencies, such as stroke, heart bypass surgery, aortic surgery, and angioplasty.
It is important to note that coverage and conditions vary greatly from policy to policy. Be sure to read the fine print of your policy before you sign up.
If you are considering purchasing a critical illness policy, you should speak to an insurance provider about coverage levels, exclusions, and conditions included in the plan. You can also contact an independent insurance broker to compare policies from different providers.