The Inclusion Strategist
Understanding critical illness coverage, in plain language
A few quick questions will walk you through what this coverage does, what it can help with when a serious illness turns life upside down, and the questions worth thinking about for your own situation.
There are no right or wrong answers. This is about understanding how the coverage works, so you can decide what is worth a closer look.
Takes about a minute
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First, the basics
What critical illness coverage is
If you are diagnosed with a covered serious condition and meet the policy's definitions, the policy pays you a one-time lump sum. The money goes to you, not to a hospital or a lender.
That money is yours to use however you need, for example:
- Replacing income while you recover and cannot work
- Travel for treatment, or care that is not close to home
- Help at home, such as childcare or household support
- Home adjustments that make daily life easier
- Keeping up with the bills, so recovery comes first
One thing matters a great deal: policies pay based on their written definitions. That is why the definitions matter as much as the list of conditions.
Question 1 of 3
If a serious illness kept you off work for several months, what would worry you most?
Tip: press a number key, 1 to 4, to answer.
A closer look
The kinds of conditions many policies cover
In general terms, most policies are built around three conditions: life-threatening cancer, heart attack, and stroke. Many policies also include other serious conditions, such as:
- Coronary bypass surgery
- Multiple sclerosis
- Kidney failure
- Major organ transplant
- Paralysis
- Blindness
- Loss of limbs
Covered conditions and their definitions vary from one policy and insurer to another. The exact wording in a policy always needs a careful read, because that wording is what decides whether a claim is paid.
Question 2 of 3
What income protection do you already have?
Tip: press a number key, 1 to 4, to answer.
Question 3 of 3
How would you describe your health and family history?
Tip: press a number key, 1 to 4, to answer.
Your summary
What this coverage could do in a situation like yours
Questions worth considering
- How many months of household expenses would you want covered?
- What does your workplace plan already pay, and for how long?
- If you have disability coverage, how much of your income does it actually replace?
- Do you understand that policy definitions decide whether a claim is paid?