What is Serious Illness Insurance?

Serious illness insurance is a type of insurance coverage that will provide you with a lump sum payment if you contract an illness that is covered by your policy. This type of insurance is designed to provide you with direct access to the cash so that you can use the money as you need it.

Serious Illnesses

There are many serious illnesses that could be covered with this type of insurance. For example, if you had a heart attack, stroke, kidney failure, an organ transplant, or cancer, you will potentially get a payment from your insurance company.

Uses of the Money

With serious illness insurance, you are free to use the money as you see fit. Many people experience serious financial problems when they come down with a critical illness because they cannot work for a certain amount of time. This type of insurance gives you money that you can use to pay the mortgage and buy groceries with. You could also use the money to pay for medical bills if you need to.

One of the beneficial aspects of serious illness insurance is that you can get access to the money regardless if you are employed. This is a key difference between this and unemployment insurance.