The Benefits of Critical Illness Insurance

malden solutions critical illness insurance

Learn more about what critical illness insurance can offer.

While many employees and businesses think about how disability insurance can protect the health and well-being of employees, there are other policies that can be of help when tragedy strikes. One such policy is critical illness insurance. How is critical illness insurance different from others, and what are the benefits of obtaining a policy for yourself?

Critical Illness Insurance 101

Critical illness insurance is a supplemental type of health insurance designed to help bridge the gap between what your health insurance policy offers and the total expenses. While health insurance policies often cover things like prescription medications and surgeries, those are not the only types of expenses that you have when you have been diagnosed with a critical illness. 

In the typical critical illness insurance policy, you will receive a lump sum payment designed to cover expenses related to your covered illness. Because it is a cash lump sum, you can use it for anything – not just direct healthcare expenses. Critical illness insurance policies cover specific illnesses like heart attack, kidney failure, cancer, multiple sclerosis, stroke, and Parkinson’s disease. Make sure that you check so that you understand precisely what your policy covers. 

What Are the Benefits of Critical Illness Insurance? 

  • Critical illness insurance provides you with additional financial security in the event that you are diagnosed with a covered illness. This can help you to navigate the stressful aftermath of your diagnosis without worrying about covering basic costs like your mortgage or grocery bills or medical costs like prescription drugs that aren’t covered by insurance. 
  • Because critical illness lump sum payments are cash without strings attached, you can use them to pay for anything you require assistance with. Whether it is covering childcare costs or groceries, this insurance policy can help you.
  • Especially when compared with similar types of insurance policies, critical illness insurance has extremely affordable premiums. As a result, it’s a great addition to your existing healthcare insurance policy to provide you with more protection. 

Malden Solutions Can Be Your Maryland Health Insurance Broker

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.

This entry was posted on Friday, July 21st, 2023 at 9:57 am. Both comments and pings are currently closed.