CRITICAL ILLNESS INSURANCE
Critical illness coverage is another kind of insurance that an employee often can obtain as a work benefit through his or her employer. The employer usually provides the coverage to the worker with either a weekly or biweekly paycheck deduction. The employer can offer critical illness (CI) insurance in conjunction with other insurance policies like traditional health insurance or dental coverage. The employee chooses the level of coverage desired and the employer takes the deduction for the coverage from the payroll shortly thereafter.
Policies vary but CI mostly covers such severe illnesses as HIV, cancer, heart attacks, strokes, etc. If the employee develops a covered illness, he or she needs to quickly file a claim and then go about providing proof that a doctor has diagnosed him or her with a covered illness.
Many benefits exist in the acquirement of a CI policy. A big one is the policy issues a lump sum payment to the covered person and his or her loved ones if there is a diagnosis for any covered illness. Another often missed benefit of such a policy is a called a “wellness benefit.” With this the covered individual can obtain care that can help in the prevention of the development of these illnesses. Policyholders’ children or spouses can be added to these policies as well. And, fortunately for some, employees need not prove that their health is fit to get coverage.