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Critical Illness

Why do I need critical illness insurance

None of us knows if or when we will be diagnosed with cancer, have a heart attack or stroke, or be diagnosed with another critical illness. These diseases and conditions can have devastating effects on our health, requiring dedicated treatment and recovery periods. When a critical illness strikes, the financial consequences can be just as catastrophic as the health ramifications in their own way. Consider this: an estimated 56 million Americans under age 65 have trouble paying medical bills, and medical bills are the number one reason for bankruptcies.

Even with a good health insurance policy, you may still be required to pay a sizable deductible before your health insurance kicks in, and then you may need to continue paying co-insurance to cover a portion of your own health care costs.

7 in 10 American Households
are dependent on two incomes

How Does Critical Illness Insurance Work?

Critical illness insurance requires you to make periodic premium payments to keep the policy in force. Every policy is a little different, but critical illness policies may offer payouts ranging from $10,000 all the way to $1 million. The policy itself specifies what conditions are covered. Typically, these include cancer, heart attacks and strokes. Some policies may also cover heart disease, kidney failure, organ transplant, paralysis and other conditions.

If you are diagnosed with a covered condition while the policy is in force, you will be paid a lump sum, typically tax-free.

Choose The Monteith Group For Critical Illness Insurance

At The Monteith Group, we pride ourselves on providing an independent, unbiased approach to helping our clients meet their insurance needs.

Rather than simply trying to sell you a specific product, we will take the time to help understand your situation including your goals, objectives, and your budget. Armed with that information, we can then select from over 30 insurance carriers to find the coverage that truly works for you.

Buying critical illness insurance now, while you’re healthy, is a gift you’re giving your future self and your loved ones. To learn more and to get a quote for coverage, contact us today.

Question & Answer

What are the advantages of Critical Illness Insurance?

The main advantage of a critical illness insurance policy is the peace of mind that comes with knowing you and your family will have cash available to cover your expenses in the event you become seriously ill. You get to choose how the money is spent: use it to pay for treatment costs that aren’t covered under your health insurance policy, to cover your monthly obligations, to replace your spouse’s income so he/she can care for you, etc. The choice is yours.

Can I afford Critical Illness Insurance?

Critical illness insurance can be surprisingly affordable, especially if you are young and relatively healthy when you purchase the policy.

When you weigh the policy premiums against the potential impact to your finances from not having coverage when you need it, buying a critical illness insurance policy just makes sense.


Do I qualify for Critical Illness Insurance?

Some policies offer simplified underwriting, meaning you may be asked a series of health-related questions and may not need a medical exam. For higher value policies offering larger lump sum benefits, you will need to qualify for coverage based on medical exams and tests. In general, most healthy individuals qualify for critical illness coverage.

Because this type of policy is designed to pay out benefits in the event you are diagnosed with a critical illness, you cannot purchase the policy if you already have a critical illness.