Critical Illness Insurance
Critical illness insurance pays a lump-sum cash benefit directly to the employee on diagnosis of a covered condition.
Critical Illness Insurance
Covered conditions typically include cancer, heart attack, stroke, kidney failure, and major organ transplant, depending on the policy.
The employee uses the benefit however they need: paying the mortgage, covering treatment travel, or replacing lost income during recovery.
What You Need to Know About Critical Illness Insurance
Lump-Sum Cash at Diagnosis
Unlike health insurance that pays providers, critical illness pays the employee directly at the point of diagnosis, before treatment costs accumulate and before any income loss begins. This gives employees immediate financial flexibility when they need it most.
Covered Conditions
Coverage typically includes life-threatening cancer, heart attack, stroke, kidney failure, major organ transplant, and paralysis. Some policies cover additional conditions. Understanding what's covered, and what's excluded, is important when evaluating policies.
Paired with High-Deductible Plans
Critical illness coverage pays a lump sum on a covered diagnosis. For an employee on a high-deductible health plan, that payment can go toward the deductible and out-of-pocket costs that come before the plan pays.