Critical Illness Insurance
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Overview
Medicine has allowed people to live both through and with serious illnesses at higher survival rates than in the past. However, such sicknesses often come with many direct and indirect costs. Certain drugs and treatments are not covered by typical health plans, while some of the latest healthcare innovations are only available in the US. Indirect costs can encompass anything from travel expenses to child care, and more. Unfortunately, most people don’t intuitively know to account for these things. If you were to get seriously sick, Critical Illness coverage can provide you with a lump sum that you can leverage in whatever way best fits your needs. Once it’s been paid, there are no restrictions as to how you decide to spend it—whether that means hiring a nurse, making your home accessible, taking a vacation or even paying off a portion of your mortgage. Wells Insurance Brokers can help you access the best that medicine has to offer by providing you with a customized Critical Illness policy that is cost-effective and will give you the long-term financial flexibility you will require.
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Online application
To evaluate your options, call Wells Insurance Services today!
Request a quote
FAQs
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Is Critical Illness insurance paid out to my family after I pass away?
No. Critical Illness insurance is a living benefit and is usually paid out to you as a lump-sum following a survival period of 30 days after diagnosis of one of the listed illnesses.
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What is a survival period and how long does it last?
A survival period refers to the waiting time between receiving a diagnosis and when your benefit is paid out. For most Critical Illness policies, it is 30 days.
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How is the lump-sum determined?
Typically, you need to purchase coverage for up to two years of income. However, we can offer you access to limits of up to $1 million. There is also no associated deductible.
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Are there any restrictions as to how I can use the money from my Critical Illness insurance?
No. You can use your Critical Illness insurance for anything from medical treatment to a luxurious vacation. How you want to spend your money is completely up to you.
