Reasons to Consider Critical Illness Insurance

If you or your spouse were to get a serious illness, could you cover out-of-pocket costs, experimental treatments, childcare, and other daily expenses that may not be covered by your medical insurance? Research shows that 32 percent of working Americans have outstanding medical debt, and 54 percent of people with medical debt have defaulted on it.

One way you can help protect your family financially is with critical illness insurance. Here are three things to know about this benefit that may be available through your employer.

1. It’s different than medical insurance

Contrary to what many people believe, medical insurance may only cover a portion of the expenses associated with treating a serious illness. Plus, additional costs that often come with recovering, like childcare, transportation, and grocery delivery, may be left up to you. Critical illness insurance can provide you with a benefit that can help you pay for unexpected costs, such as those that your existing medical insurance may not cover.

2. It pays a lump sum directly to you

One of the benefits of critical illness insurance is that it pays a lump sum directly to you for covered conditions—not to healthcare providers—so you can use the money on anything you need.  Household expenses, medical payments, or personal needs for you and your family—you’re in charge of how to spend it.

3. It covers a range of serious illnesses

A common misconception is that critical illness insurance only covers certain cancers.¹ In fact, it may also cover a heart attack, kidney failure, and even COVID-19, in some cases.  No one wants to think about getting sick, but it’s important to realize that these types of illnesses can happen, so it’s best to be prepared.

Open enrollment is a good time to consider how critical illness insurance—and other benefits—could help support your family’s financial goals. Take our quiz to see what products might be right for you.