Critical illness insurance: financial protection when it’s needed most

Medical emergencies can happen to anyone—at any time. While medical and disability insurance help defray the cost of care and potential loss of income, additional out-of-pocket costs can add financial pressure to an already difficult situation.

Critical illness insurance is designed to help with unplanned expenses that can add up quickly when a medical crisis hits. The one-time, lump-sum financial benefit paid to insureds upon diagnosis of a covered medical condition can be used to help with items not covered by medical insurance, to supplement existing disability coverage, or to pay daily expenses while waiting for disability insurance payments to start. It’s a financial boost for employees when they need it most, and at little to no cost to the employer.

For more information about critical illness insurance, read our Inside Track paper.