What do you do if you come down with a catastrophic illness or severe injury?  Your disability insurance will replace your lost income, but there is a very good chance that your finances will still be adversely affected.  This is the place for ‘critical illness insurance’.

If you do suffer a critical illness or injury, this insurance will provide a lump sum payment which you can use any way you want.  For example:  you may want to pursue out of country medical treatment, or treatments that are not covered by your health insurance.  You may need to pay for private nursing care.  You may need to make alterations to your home or car to accommodate your special needs.  You may need assistance to pay down your mortgage, business loans or other debts.  A critical illness insurance policy can provide the funds to help you with any or all of these needs.

Many providers also supply access to the ‘Best Doctors’ program, where you can get a second opinion from world renowned doctors that specialize in your particular needs.  Others also provide support for day-to-day activities such as child care, transportation or even lawn care and shopping.

Covered illnesses include the big three of heart attacks, strokes and life threatening cancer.  Some policies will cover up to 30 different conditions including:  Alzheimer’s disease, brain tumors, paralysis, kidney failure, severe burns and even coronary artery bypass surgery.  In some cases, the new ‘liberation treatment’ for multiple sclerosis sufferers may also be covered.

There are lots of different options to consider, including a return of premium on death or expiry rider that will return your premiums to your beneficiary should you not survive your accident or illness.  Critical illness insurance fills a gap in most people’s health coverage.  As always, be sure to consult with a professional before making any insurance purchase.