Critical illness insurance can provide financial well-being for you or your employees in the case of serious sickness or injury. The no-hassles coverage comes in the form of a lump sum payment if the policyholder contracts or develops maladies on a preapproved list. It’s a life insurance policy extension that gives the covered person the ability to focus on recovery.
Executive Planning Group can help you choose the best plan options. Here are a few questions frequently asked by business and individual customers. Review them to better understand why critical illness insurance is so important.
What Makes Critical Illness Insurance Important?
Consider adding this coverage if you’re worried about the affordability of a high-deductible policy. If you have a family history of covered illnesses, you may need this coverage more than you think. For business owners, offering critical illness coverage may improve morale and retention efforts.
Depending on your life insurance company, you may have the option to add a critical illness plan to your individual or group policy. Additionally, some providers offer standalone critical illness insurance in Mississippi at higher rates.
Examples of covered conditions include:
- Cancer
- Heart attack
- Organ transplant
- Paralysis
- Kidney failure
- Lupus
Your Executive Planning Group broker can help you determine exactly what coverage to purchase for you or your employees.
What Conditions Are Not Covered by Critical Illness Policies?
Because it focuses on life-threatening illnesses, this coverage doesn’t usually include medical conditions that aren’t serious. That’s why you should read your policy closely for full understanding. If you offer critical illness insurance in Mississippi as part of your benefits package, make sure employees understand the strengths and details of the proposed policy.
The following conditions are usually not included in critical illness coverage:
- Asthma
- Diabetes
- Self-inflicted injuries
- Substance abuse
- War injuries
What Expenses Does a Critical Care Policy Cover?
You can spend your insurance money on services and care you couldn’t otherwise afford, such as:
- Critical services not covered by your medical insurance
- Treatments a traditional policy exempts
- Daily living expenses during your treatment and recovery
- Transportation expenses for treatment
- Cost of fitting your car to transport wheelchairs and scooters
- Installation of a stairlift in your home
Terminally ill patients can sometimes use the money to take a vacation with loved ones.
What Are Some Ways You Can Prevent Critical Illness?
Although critical illness insurance gives you peace of mind, preventing illness is the best strategy to avoid risks to your health and financial security. Get plenty of rest and exercise, eat good food and follow other strategies to stay healthy.
If you are looking for critical illness insurance for employees, consider starting a wellness program to keep everyone in shape. Healthier bodies may even lower your life insurance rates.
Who Pays for Critical Illness Coverage?
Unlike some life insurance policies, individual policyholders typically pay 100% of the costs of critical illness insurance. This makes it a no-brainer for savvy benefits administrators to add it to the list of company benefits. Employees and individuals signing up for the coverage should ensure they understand the financial commitment involved.
How to Buy Critical Illness Coverage in Mississippi?
Read these FAQs on our blog about critical illness insurance. The knowledgeable brokers at Executive Planning Group are ready to provide all the information needed to get your policy started. After learning a little bit about each policyholder’s health concerns and coverage goals, we can expedite your coverage to protect you or your employees.
Call us at 601-982-3000 or fill out our contact form for answers to any other questions you may have about critical illness insurance in Mississippi.
Disclaimer: Securities offered through Valmark Securities, Inc., Member FINRA, SIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.
