Critical Illness Insurance Coverage (2019 Best Companies & Benefits)

Critical Illness Insurance (Best Companies)
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About 50% of workers fear the financial burden of a critical illness, while only 29% of the same people fear death.

In a country where health care costs keep rising, more people are concerned with the cost of illness, than they are with dying. Obtaining critical illness insurance is one way of alleviating those concerns.

Critical illness coverage is different from your life insurance policy and has its own unique benefits. In the case of an unexpected critical illness, it may be the only thing that protects you and your family from financial ruin.

Keep reading to find out more about this type of coverage as well as why critical illness insurance is worth it.

Critical illness insurance is a type of supplemental insurance to a health insurance plan. It cannot replace the overall benefits of what a health insurance plan can provide, but can help fill in any potential gaps.

Most importantly, it provides money to help pay for out-of-pocket expenses such as deductibles, coinsurance, copayments and much more.

Health care costs for a critical illness are insurmountable for most people. Even the best medical health insurance plans usually are generally not enough to cover the full costs of a critical illness.

Critical illness insurance can provide coverage anywhere from 18 to over 40 different conditions depending on the plan. In most cases, a critical illness insurance policy will cover the most common critical illness conditions.

Critical Illness Insurance Covers:

  • Heart attack
  • Stroke
  • Coronary bypass
  • Cancer
  • Organ transplants
  • Loss of hearing
  • Loss of vision
  • Paralysis
  • Kidney Failure

Some critical illness insurance plans can also cover the costs associated with long-term illness. These include illness such as Alzheimer’s disease, Parkinson’s disease, and multiple sclerosis.

How does critical illness insurance payout?

A critical illness payout is paid out in one lump sum payment upon diagnosis of a covered illness. However, most plans will have a waiting period that can range from 30 to 90 days before a benefit will be paid.

Once the waiting period has been met, funds are paid out to the policyholder. There are no limitations on how you choose to spend the funds once received. Therefore you are not required to provide any receipts or medical bills showing how the funds were spent.

Outside of being a very beneficial way to help pay for out-of-pocket expenses that are not covered by a health insurance plan, a critical illness policy can provide funds that could be used in many other situations.

For example, critical illness money can be used to help maintain daily living expenses, used to pay for travel and transportation, home health care needs, child daycare expenses as well as a source of replacement of lost income from work.

Do I need to pay taxes on the money I receive?

No. Money received from a critical illness payout is not considered to be income and therefore are received as a tax-free benefit.

Critical Illness Insurance vs Health Insurance

As previously mentioned, it is very important to stress that critical illness insurance shouldn’t be purchased as a replacement to any existing health insurance or life insurance plan as it cannot come close to providing the same benefits.

Health Insurance Plan

Critical illness insurance works differently than other major medical insurance and health insurance plans. There are two main differences.

First, when it comes to medical plans, they require a premium payment that is needed to meet the cost for coverage. In addition to the premium payments should a claim be made, you will be required to pay a payment in the form of a deductible, copayment, or coinsurance.

In return, the health insurance company can significantly reduce the overall medical costs associated with treating an illness or accident that requires the medical attention of a healthcare provider.

Second, medical plans usually have restrictions based on a network of coverage. This includes limitations on the doctors you can see. It can also have restrictions on the prescriptions you can get based on your health insurance plan.

Critical Illness Plan

Critical illness coverage imposes no such restrictions. You aren’t required to be treated within any network and your premiums are based on your age and health when you buy the policy.

Although critical illness imposes no such restrictions, keep in mind that the benefit is in the form of a lump sum cash payment. It cannot provide the same benefits that a health plan can offer.

However, when the two plans are combined they can greatly complement each other.

Life Insurance with Critical Illness Rider

An increasingly popular feature currently offered on several term insurance and permanent life insurance options is the critical illness rider.

The days of life insurance only being able to provide death benefit protection are long gone. Life insurance companies are being more creative with what their coverage can offer. One of these creative coverage options is the addition to critical illness protection in the form of a policy rider.

A life insurance policy with a critical illness rider provides both death benefit coverage for your beneficiaries as well as a living benefit to the policyholder that can be used if you become ill with a critical illness.

The option to have all-in-one life insurance protection plus critical illness protection is becoming a life insurance option that most people want.

Best of all, in most cases, it doesn’t cost extra to have this feature.

How does it work?

A life insurance policy with a critical illness rider works similar to a basic standalone policy and in some cases even better. If a qualifying critical illness occurs while the life insurance coverage is active, a cash benefit will be paid out to the policyholder to be used however needed.

There are a few important factors that need to be taken into consideration when it comes to life insurance with critical illness.

First, when a critical illness claim is submitted and approved, any funds received are deducted from the total death benefit of the life insurance policy. The policyholder has the right to deny the claim and take no money at all or in most cases can request a lesser amount if need be.

How much can I get?

This is where things can get a little confusing and will significantly depend on the guidelines of the life insurance policy as well as the provider offering the coverage.

A common factor offered by all companies is that the total amount of a critical illness payment is based on a percentage of the death benefit. The percentage can range from 25% up to as high as 100% of the entire death benefit.

It is very important to understand that life insurance policies that offer a free critical illness rider generally do not have defined benefits. This means that there is not a guaranteed set amount of money that you will receive if you experience a critical illness condition.

Even if your coverage allows for up to 100% of the death benefit to be paid out due to a qualifying critical illness, it does not necessarily mean that is the amount that will be paid as a result of a claim.

When a critical illness claim is submitted on a life insurance policy, there are several conditions that come into play. For starters, the claim goes back to underwriting for review.

From there, the underwriter will review the claim, assess the severity of the critical illness condition, view medical records and doctor notes pertaining to the condition, as well as, take into consideration the amount of time that is left on the life insurance contract.

The results of this information will determine a final percentage of the death benefit that the insurance company will be willing to pay out as a result of a critical illness claim.

Lastly, most standalone critical illness policies are capped at the total amount of coverage you can purchase. This is typically a maximum of $100,000 but can vary depending on the company. With life insurance, it is based on a percentage of the overall death benefit. With said, it is very possible to receive well over $100,000 for a claim.  

Keep in mind, that a standalone critical illness policy will be a cheaper alternative than a life insurance policy. It will also provide a defined benefit in which you will know that the exact amount of money you will be receiving based on a qualified critical illness claim.

If you are in need of life insurance coverage or if your current plan is getting ready to expire, then definitely consider a life insurance plan with the critical illness rider. It is a great benefit to have especially when it is being offered at no additional costs.

Benefits of Critical Illness Insurance

Critical illness insurance acts as a living benefit. In the event of a critical illness, it ensures you and your family are financially supported.

But critical illness coverage has more benefits than that. We’ve listed each in more detail below.

Safeguard Finances

Your standard health insurance plan covers day to day medical expenses such as treatments and prescriptions. But if there’s a big health emergency, would you be able to support yourself and your family?

The cost of cancer, stroke, heart attack, or other critical illness is tremendous. For example, the average monthly cost of copayments, prescriptions, and other treatment expenses for a cancer patient can add up to well over $1,000.

These are costs that have to be paid out-of-pocket. The amount of out-of-pocket expenses can add up very quickly especially if the individual has had to take time off from their full-time job while in recovery.

While many people believe that their health insurance plan is enough to support themselves and their family in the case of an emergency, they don’t realize just how high those additional costs are.

In almost all cases, the costs of a life-threatening illness are more than a plan will cover. Without an emergency fund or a health savings account, paying those bills becomes nearly impossible.

Avoid Pre-Existing Condition Limitations

Like traditional health plans, most critical illness insurance providers have restrictions in terms of providing coverage to people with pre-existing conditions.

However, many insurance providers are removing that limitation from their policies. In fact, insurance providers are also taking steps to remove the elimination period from their policies as well. Meaning that critical illness coverage is increasingly more inclusive

Covers Non-Traditional Expenses

You can use your critical illness payment for costs that fall outside the scope of traditional insurance. Unlike most major health plans, your payment isn’t tied to a particular expense like medical treatment or prescriptions.

Instead, you can use it to reduce the financial burden of critical illness in any way you or your family chooses. For example, the payout can be used for non-medical costs like child care or transportation.

It can also be used in several other helpful situations such as:

  • Out-of-pocket medical expenses
  • Prescriptions
  • Experimental or new treatments not covered under a traditional plan
  • Medical services that wouldn’t otherwise be available
  • Cover the day to day costs of living, such as rent, groceries, and other bills
  • Items such as retrofitting vehicles, installing lifts and ramps in homes, or other costs related to improving quality of life and mobility

The critical illness coverage payment is provided in a lump sum and, basically, can be used at your discretion.

Flexibility

Critical illness coverage offers flexibility. Depending on the policy you choose, coverage can range from $1000 to over $100,000. The cost of critical care insurance will depend on factors such as age, gender, family medical history, as well as your general health.

Purchase Options

You can purchase critical care insurance in a number of different ways. First, you may choose to buy critical illness coverage through your group coverage at work, if it is offered. Many employers are offering critical illness insurance as a voluntary benefit in order to balance the burden of the higher deductible.

The only downside to purchasing a plan from your employer is that you may be limited to one plans offerings.

Your best bet is to purchase a critical illness insurance policy outside of your employer or as part of your current life insurance plan.

Affordable

Speaking of saving money, you’re probably wondering exactly how much a critical illness insurance plan costs. The good news is: they don’t cost a lot.

Some plans cost less than $10 per month!

Most of these plans will also allow you to add the entire family so that everyone is covered with critical illness protection at an affordable cost.

Does Critical Illness Insurance Require a Medical Exam?

Most critical illness insurance providers will offer the option to apply for coverage under simplified underwriting. This means that a medical exam will not be required, but you will need to provide answers to a list of health questions.

For higher coverage amounts (generally over $50,000) you may be required to take a medical exam. A medical exam can also lead to better rates as well as the potential of additional critical illness conditions being covered under the plan of coverage.

Most importantly, critical illness insurance is often not a guaranteed approval type coverage. History of high-risk health conditions can cause concern to the insurance company which can result in a decline for coverage.

If you do find yourself with a company will to offer coverage under guaranteed issue guidelines, it is important to ask if they will provide benefits to any pre-existing conditions. 

Potential Limitations of Critical Care Insurance

When researching a critical care insurance provider for you, be sure you read and understand the policy and its exceptions. For example, though you may be covered for cancer, your policy may limit the types of cancer that are covered. Remember that the more illnesses you’re covered for, the more expensive your critical care coverage (and your premiums) is going to be.

Some chronic illnesses may also be restricted from your policy. You may also be limited in terms of second payouts. For example, if a disease returns or you suffer more than one stroke, you might only receive a one-time payment.

It is very important to check when your coverage ends. In some policies, age stipulations limit the length of time you’re covered.

Alternatives

To avoid the restrictions mentioned above, you might consider another, a similar form of insurance coverage. Disability insurance is one form of insurance you might consider. It covers your income in the case you can’t work due to medical disability.

Another option is to open a health savings account or a flexible spending account. This sets up a sort-of emergency fund in the case you need to cover the cost of an unexpected, critical, or chronic illness. You can also set these up as separate saving accounts that aren’t associated with a health insurer.

Facts & Statistics Regarding Critical Illnesses

Cancer

  • Cancer, in general, is the second most common cause of death
  • 87% of all cancers are diagnosed in persons 50-year-old or older
  • Every 2 minutes a child is diagnosed with cancer
  • 41% of men and 38% of women will be diagnosed during their lifetime
  • 42% of the costs associated with cancer are indirect costs
  • The average cost of cancer drugs can range from $24,000 to $36,000 per year

Heart Attack

  • Number one cause of death for both men and women
  • 1 out of every 4 deaths is a result of a heart attack
  • One of the most expensive conditions treated in a hospital
  • The average age of someone who will experience a heart attack, 65.6 for males and 72 for females
  • The average cost of a heart attack is over $120,000
  • Heart transplants are the third most common organ transplant in the U.S.

Stroke

  • Leading cause of death in women and the fifth leading cause in men
  • 795,000 people in the U.S. have a stroke each year
  • Leading cause of serious long-term disability
  • Among the top 10 causes of child deaths
  • Recovery is a lifelong process

2019 Best Critical Illness Insurance Plans

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Aetna Critical Illness

A.M. BEST’S RATING: (A) Excellent Rating

POLICY NAME: Cancer and Heart Attack or Stroke Plus

ISSUE AGES: 18-89

COVERAGE OPTIONS: Individual, Spouse/Partner & Children

CONTRACT OPTIONS: Renewable

MINIMUM COVERAGE AMOUNT: $5,000

MAXIMUM COVERAGE AMOUNT: $75,000

UNDERWRITING: Simplified Issue

BENEFIT WAITING PERIOD: 30 days from the effective date of the policy

CONDITIONS COVERED: Cancer, Carcinoma in Situ, Heart Attack, Stroke

POLICY DETAILS: Aetna offers a few different coverage options to choose from. These include standalone cancer only policy as well as cancer and heart attack or stroke policy.

You may also choose whether you would like to add a recurrence benefit, but it will be at an extra cost. Choosing the recurrence benefit allows for an additional benefit to be paid a second time on a qualifying condition should one occur later in life.

The biggest pro that Aetna offers is that they pay out 100% of the benefit if you become ill with any of the four covered conditions.

Outside of Aetna’s critical illness coverage, the insurance company offers a large selection of supplemental coverage options, especially for seniors. A few of these options include Medicare Supplement, Dental, Vision and Hearing, Home Care Plus, Hospital Indemnity, Recovery Care and Final Expense Life Insurance.

Maximum Benefit Payouts Per Critical Condition

  • Cancer – 100%
  • Carcinoma in Situ – 100% 
  • Heart Attack – 100% 
  • Stroke – 100% 

Recurrence Benefit (Optional Addon Rider)

  • Less than 2 years = 0%
  • 2-5 years = 25%
  • 5-7 years = 50%
  • 7-9 years = 75%
  • 9 or more years = 100%

Aflac Critical Illness

A.M. BEST’S RATING: (A+) Superior Rating

POLICY NAME: Aflac Individual Critical Illness + Cancer

ISSUE AGES: 18-89

COVERAGE OPTIONS: Individual, Spouse/Partner & Children

CONTRACT OPTIONS: Renewable for life

MINIMUM COVERAGE AMOUNT: $10,000

MAXIMUM COVERAGE AMOUNT: $20,000

UNDERWRITING: Guaranteed Issue

BENEFIT WAITING PERIOD: 30 days from the effective date of the policy

CONDITIONS COVERED: Internal Cancer, Carcinoma in Situ, Heart Attack, Sudden Cardiac Arrest, Stroke, Major Human Organ Transplant, End-Stage Renal Failure, Paralysis, Coma, Bone Marrow Transplant, Coronary Artery Bypass Graft Surgery

POLICY DETAILS: Aflac is known for its excellent group insurance options offered through the workplace. They recently have begun offering several individual plans such as their critical illness protection.

This coverage can payout a lump sum benefit of up to $20,000 for a qualifying condition. It also comes with a building benefit that increases the overall benefit amount an extra $500 up to policy year 10.

In addition to critical illness protection, you can choose several additional policy riders. A few of these options include a cancer benefit, recovery benefit and hospitalization benefit which can all further enhance the overall payout.

Aflac also offers One Day Pay claim processing, as long as you are able to file online and upload supporting documents prior to 3:00 pm ET.

Maximum Benefit Payouts Per Critical Condition

  • Heart Attack – 100% Benefit
  • Sudden Cardiac Arrest – 100%
  • Stroke – 100% Benefit
  • Major Human Organ Transplant – 100%
  • End-Stage Renal Failure – 100%
  • Paralysis – 100%
  • Coma – 100%
  • Bone Marrow Transplant – 100%
  • Internal Cancer – 100% Benefit
  • Coronary Artery Bypass Graft Surgery – 25%
  • Carcinoma in Situ – Benefit 25%
  • Skin Cancer – $200

Assurity Critical Illness

A.M. BEST’S RATING: (A-) Excellent Rating

POLICY NAME: Assurity Balance Critical Illness

ISSUE AGES: 18-64

COVERAGE OPTIONS: Individual, Spouse & Children

CONTRACT OPTIONS: Renewable up to age 75

MINIMUM COVERAGE AMOUNT: $5,000

MAXIMUM COVERAGE AMOUNT: $500,000

UNDERWRITING: Simplified Issue & Fully Underwritten Options

BENEFIT WAITING PERIOD: Immediate up to 90 days depending on condition

CONDITIONS COVERED: Invasive Cancer, Carcinoma in Situ, Heart Attack, Major Organ Transplant (Including Heart), Aortic Valve Replacement / Repair Surgery, Stroke, Coronary Bypass Surgery, Angioplasty, Advanced Alzheimer’s Disease, Accidental Loss of Speech, Benign Brain Tumor, Blindness, Coma (not resulting from stroke), Deafness, Kidney (Renal) Failure, Loss of Limbs, Motor Neuron Disease, Occupational HIV Infection, Paralysis (not resulting from stroke), Severe Burns

POLICY DETAILS: Assurity offers a critical illness policy that is capable of paying out on several different potential conditions. They also provide the option to apply for coverage without a medical exam as long as the benefit amount is below $50,000.

Coverage over the amount of $50,000 up to a maximum of $500,000 will require a medical exam provided by the insurance company. Assurity also offers a wide selection of optional policy riders such as a disability waiver of premium rider, accidental death benefit rider, spouse critical illness benefit and child critical illness benefit.

You can also choose to add a return of premium option that can pay up to 100% of all premiums paid when the policy terminates at age 75. If you’re looking for critical illness coverage, then Assurity should be at the top of your list.

Maximum Benefit Payouts Per Critical Condition

  • Invasive Cancer – 100%
  • Heart Attack – 100%
  • Major Organ Transplant – 100%
  • Aortic Surgery – 100%
  • Heart Valve Replacement / Repair Surgery – 100%
  • Stroke – 100%
  • Advanced Alzheimer’s Disease – 100%
  • Accidental Loss of Speech – 100%
  • Benign Brain Tumor – 100%
  • Blindness – 100%
  • Coma (not as a result of a stroke) – 100%
  • Deafness – 100%
  • Kidney (Renal) Failure – 100%
  • Loss of Limbs – 100%
  • Major Organ Transplant (other than heart) – 100%
  • Motor Neuron Disease – 100%
  • Occupational HIV Infection – 100%
  • Paralysis (not as a result of a stroke) – 100%
  • Severe Burns – 100%
  • Coronary Bypass Surgery – 25%
  • Angioplasty – 25%
  • Carcinoma in Situ – 25%

Cigna Critical Illness

A.M. BEST’S RATING: (A) Excellent Rating

POLICY NAME: Lump Sum Heart Attack & Stroke Insurance

ISSUE AGES: 18-99

COVERAGE OPTIONS: Individual, Spouse & Children

CONTRACT OPTIONS: Renewable for life

MINIMUM COVERAGE AMOUNT: $5,000

MAXIMUM COVERAGE AMOUNT: $100,000

UNDERWRITING: Simplified Issue

BENEFIT WAITING PERIOD: 30 days from the effective date of the policy

CONDITIONS COVERED: Cancer, Carcinoma in Situ, Heart Attack, Stroke, Heart Transplant, Angioplasty, Coronary Artery Bypass Surgery, Heart Valve Replacement / Repair, Aortic Surgery, Stent  

POLICY DETAILS: Cigna offers a critical illness policy that is focused around the heart. However, you can add cancer coverage which can pay out 100% of the benefit due to the diagnosis of cancer or carcinoma in situ.

Cigna offers several optional policy riders that can be added to the coverage. The Cancer Recurrence Benefit Rider will allow for an additional benefit up to 100% of the selected benefit should cancer re-occur.

Additional optional riders include Hospital Indemnity and Intensive Care Unit Indemnity which can pay out a daily benefit while in recovery from an illness.

Maximum Benefit Payouts Per Critical Condition

  • Cancer – 100% 
  • Carcinoma in Situ – 100% 
  • Heart Attack – 100%
  • Heart Transplant – 100%
  • Stroke – 100%
  • Coronary Artery Bypass Surgery – 25%
  • Aortic Surgery – 25%
  • Heart Valve Replacement/Repair – 25%
  • Angioplasty – 10%
  • Stent – 10%

Recurrence Benefit for Cancer & Heart Attack/Stroke (Optional Rider)

  • Less than 2 years = 0%
  • 2-5 years = 25%
  • 5-10 years = 75%
  • 10 or more years = 100%

Liberty Mutual Critical Illness

A.M. BEST’S RATING: (A) Excellent Rating

POLICY NAME: Liberty Mutual Critical Illness

ISSUE AGES: 18-70

COVERAGE OPTIONS: Individual, Spouse & Children

CONTRACT OPTIONS: Renewable to age 75

MINIMUM COVERAGE AMOUNT: $10,000

MAXIMUM COVERAGE AMOUNT: $50,000

UNDERWRITING: Simplified Issue

BENEFIT WAITING PERIOD: 30 days from the effective date of the policy

CONDITIONS COVERED: Coronary Artery Bypass Surgery, Heart Attack, Cancer, Organ Transplant, Stroke

POLICY DETAILS: Liberty Mutual offers a straightforward critical illness policy. Although there are no additional riders and nearly not as many conditions as some of the other companies, their pricing is very competitive.

Be aware though that rates can increase in later years and the coverage is limited to the states of FL, IL, MI, MN, NJ, NC, PA, TN, TX, and WI. In addition to critical illness coverage, Liberty Mutual offers an Accident Insurance that can offer a lump payment due to the result of an accidental injury or accidental death.   

  • Cancer – 100% Benefit
  • Heart Attack – 100% Benefit
  • Organ Transplant – 100% Benefit
  • Stroke – 100% Benefit
  • Coronary Artery Bypass Surgery – 25%

Mutual of Omaha Critical Illness

A.M. BEST’S RATING: (A+) Superior Rating

POLICY NAME: Critical Illness

ISSUE AGES: 18-89

COVERAGE OPTIONS: Individual, Spouse/Partner & Children

CONTRACT OPTIONS: 10, 15, 20, 30 years & Lifetime

MINIMUM COVERAGE AMOUNT: $10,000

MAXIMUM COVERAGE AMOUNT: $100,000

UNDERWRITING: Simplified Issue

BENEFIT WAITING PERIOD: 30 days from the effective date of the policy

CONDITIONS COVERED: Internal Cancer or Malignant Melanoma, Heart Attack, Stroke, Alzheimer’s Disease, Major Organ Transplant, Blindness, Paralysis, Deafness, Kidney Failure, Coronary Artery Bypass Surgery, Coronary Angioplasty

POLICY DETAILS: Mutual of Omaha offers a product line called Critical Advantage. Within this portfolio, you can find three different coverage options that can provide coverage specifically related to heart conditions, cancer or both.

The Critical Illness option which is referenced above focuses on providing protection for both heart and cancer-related illness. With Mutual of Omaha’s Critical Advantage, you are able to select how long you would like to have coverage for, as there are many contract lengths to choose from.

The Critical Illness plan offers a free return of premium option which can refund all premiums paid, minus the amount of any previously paid claims if the policyholder passes away.

There are a few optional policy riders that can be added such as the Intensive Care Unit Rider that can payout a daily benefit while in recovery as well as the Cash Value Rider that can pay out a percentage of paid premiums up to 100% if the policy terminates.

Maximum Benefit Payouts Per Critical Condition

  • Internal Cancer or Malignant Melanoma – 100%
  • Heart Attack – 100%
  • Stroke – 100%
  • Alzheimer’s Disease – 100%
  • Major Organ Transplant – 100%
  • Blindness – 100%
  • Paralysis – 100%
  • Deafness – 100%
  • Kidney Failure – 100%
  • Coronary Artery Bypass Surgery – 25%
  • Coronary Angioplasty – 25%

National General Critical Illness

A.M. BEST’S RATING: (A-) Excellent Rating

POLICY NAME: Cancer and Heart/Stroke

ISSUE AGES: 18-64

COVERAGE OPTIONS: Individual, Spouse/Partner & Children

CONTRACT OPTIONS: Renewable to age 75

MINIMUM COVERAGE AMOUNT: $25,000

MAXIMUM COVERAGE AMOUNT: $75,000

UNDERWRITING: Simplified Issue

BENEFIT WAITING PERIOD: 30 days (Heart/Stroke) 90 days (Cancer)

CONDITIONS COVERED: Cancer, Heart Attack, Stroke, Kidney Failure, Coronary Artery Bypass Surgery or Coronary Angioplasty

POLICY DETAILS: By itself, the National General’s Critical Illness coverage can provide solid protection to help provide financial aid brought on by a sudden critical illness.

We will admit though when compared to some of the other companies, Nation General does fall a little short in comparison.

However, the Cancer and Heart/Stroke is just one of three of the available plans in their Plan Enhancer supplemental medical insurance portfolio.

You have the ability to add the Accident Medical Expense coverage which provides up to a $10,000 cash benefit in the event of an accidental injury such as a broken bone.

You can also choose to add the third coverage option called Sickness Hospitalization. This protection provides a lump sum cash benefit of $5,000 if you are hospitalized due to an illness. Stacking all three coverage options can provide a wealth of supplemental insurance protection.

Maximum Benefit Payouts Per Critical Condition

  • Cancer (Invasive) – 100%
  • Heart Attack – 100%
  • Stroke – 100%
  • Coronary Artery Bypass Surgery – 25%
  • Angioplasty – 10%

United Health Care Critical Illness

A.M. BEST’S RATING: (A) Excellent Rating

POLICY NAME: Critical Illness Insurance

ISSUE AGES: 18-59

COVERAGE OPTIONS: Individual, Spouse/Partner & Children

CONTRACT OPTIONS: Renewable to age 70

MINIMUM COVERAGE AMOUNT: $10,000

MAXIMUM COVERAGE AMOUNT: $50,000

UNDERWRITING: Simplified Issue

BENEFIT WAITING PERIOD: 30 days from the effective date of the policy

CONDITIONS COVERED: Life-Threatening Cancer, Heart Attack, Stoke, Loss of Hearing, Speech or Vision, Major Organ Transplant, Paralysis (Quadriplegia, Paraplegia or Hemiplegia), Coma, Renal (Kidney) Failure, Non-Invasive Cancer, Coronary Artery Bypass Graft

POLICY DETAILS: United Health Care offers protection for up to 15 potential critical illness conditions. Coverage is priced very competitively. In addition to critical illness coverage, policyholders can choose several other insurance coverage options such as Short Term Medical, Dental, Accident Injury, and vision.

Maximum Benefit Payouts Per Critical Condition

  • Life-Threatening Cancer – 100%
  • Heart Attack – 100%
  • Stroke – 100%
  • Loss of Hearing, Speech or Vision – 100%
  • Major Organ Transplant – 100%
  • Paralysis (Quadriplegia, Paraplegia, Hemiplegia) – 100%
  • Coma – 100%
  • Renal (Kidney) Failure – 100%
  • Non-Invasive Cancer – 25%
  • Coronary Artery Bypass Graft – 25%

Western & Southern Financial Group Critical Illnesss

A.M. BEST’S RATING: (A+) Superior Rating

POLICY NAME: Critical Illness Plus Insurance

ISSUE AGES: 18-69

COVERAGE OPTIONS: Individual, Spouse/Partner & Children

CONTRACT OPTIONS: Renewable for life

MINIMUM COVERAGE AMOUNT: $10,000

MAXIMUM COVERAGE AMOUNT: $100,000

UNDERWRITING: Simplified Issue

BENEFIT WAITING PERIOD: 30 days from the effective date of the policy

CONDITIONS COVERED: Life-Threatening Cancer (Malignant), Heart Attack, Stroke, Major Organ Transplant, End-Stage-Renal (Kidney) Failure, Carcinoma in Situ, Coronary Angioplasty, Coronary Artery Bypass Surgery  

POLICY DETAILS: This plan offers a guaranteed return of premium feature to your beneficiary if the policyholder passes away not from one of the listed covered conditions. This is no extra cost benefit.

There is an optional Accidental Death Benefit rider that can be added to the coverage which can payout a second benefit equal to the initial benefit its death was a result of an accident.

If both spouses apply for coverage, the company will provide a small policy fee discount to both policies.

  • Life-Threatening Cancer (Malignant) – 100%
  • Heart Attack – 100%
  • Stroke – 100%
  • Major Organ Transplant – 100%
  • End-Stage Renal (Kidney) Failure – 100%
  • Carcinoma in Situ – 25%
  • Coronary Angioplasty – 25%
  • Coronary Artery Bypass Surgery – 25%

Employer-Provided Critical Illness Programs

Do you have employer-provided coverage? The below list are the names of some of the best companies to offer critical illness insurance through their group insurance programs.

Prior to making a decision about going with employer-provided coverage, be sure to compare both individual and group coverage options. In many cases, an individual plan purchased outside of the workplace can offer more benefits.

  • Aflac
  • Allstate
  • Colonial Life
  • Guardian
  • MetLife
  • Mutual of Omaha
  • Principal
  • The Hartford
  • United Health Care
  • Washington National

Is Critical Illness Insurance Worth It?

Can a critical illness insurance plan take away all worries if you experience a sudden critical illness?

The costs for critical health conditions like heart attack, stroke, cancer, and organ transplant is enough to put any family in dire financial straits.

Critical illness insurance protects you and your family in the case of most unexpected medical emergencies.

An affordable addition to your life insurance policy or purchased as a voluntary benefit, critical illness insurance is worth every penny and can provide great peace of mind.

If you’re not already covered, you could be putting your family at financial risk. Reach out to us for additional information regarding any one of the mentioned plans in this article. We would love to help assist. For a critical illness insurance quote please be sure to fill out the quote form and we will be sure to send you some competitive rates.

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Jeffrey Manola

Jeffrey Manola

Jeffrey Manola is the owner and an experienced life insurance agent at Top Quote Life Insurance. His goal is to provide online consumers with the absolute top quotes for all term life insurance, permanent life insurance, and no medical exam life insurance. Not only does he strive to provide you with the best premium for your life insurance coverage, but he also wants you to be well informed about life insurance coverage options and its importance. Never hesitate to reach out to Jeffrey if you need help. Top Quote Life Insurance is more than just an online quoting agency. We want to help you save money, protect your future, and earn your trust (888) 777-7574.

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