Voluntary benefits continue to rise in popularity, with products like accident, hospital indemnity, and critical illness offering employers and employees additional value by providing cash benefits to supplement major medical deductibles, copays, and coinsurance.
Let’s explore critical illness insurance in action.
What is Critical Illness Insurance?
Critical illness insurance is a supplemental health insurance policy that pays pre-determined cash benefits when an insured is diagnosed or suffers from a covered critical illness.
How does Critical Illness Insurance work?
Here’s an example: After undergoing a series of tests, Jim is diagnosed with invasive cancer. Because invasive cancer is a covered benefit under his policy, Jim can file a simple claim, and if approved, his policy will pay the pre-determined face amount directly to Jim.
These funds can use to pay for deductibles, treatments, and anything else he may need.
Who Might Benefit?
While no one wants to imagine a critical illness diagnosis such as heart attack or cancer will occur, the unfortunate reality is that these illnesses can be financially devastating. Anyone who could benefit from having additional cash in the event of a critical illness diagnosis may be a good fit for critical illness insurance.
Critical Illness insurance can provide added financial protection and peace of mind when a life-changing illness or diagnosis occurs. Contact BCS today to learn more.
