Critical Illness insurance is a specified disease based coverage meant to provide a tax free, lump sum face amount up diagnosis of a covered illness. There are several insurance carriers who offer this coverage and as you can imagine, each carrier covers different conditions. That said, there are a select few States where the Department of Insurance has not approved Critical Illness insurance for sale within that specific State.
Anyway, of all the conditions covered...the most important are Heart Attack, Cancer and Stroke. Not to downplay the seriousness of other diagnosed conditions but nearly 80% of all claims that will get paid from these policies are due to those three conditions. Each carrier offers coverage for other conditions. Some carriers offer coverage for 21 different conditions, while other carriers may limit their coverage to 4 or 5 conditions.
Please understand that when looking into Critical Illness coverage, the most important thing to look for is not just what conditions are covered but how they are covered. The benefit definitions are a major consideration and it is "critical" (pardon the pun) to know the benefit definitions prior to purchase. There are carriers who provide a stroke benefit but will not pay a benefit unless the neurological deficit of the stroke persists for 30 days...whereas there are a few carriers who will pay a stroke benefit once the neurological deficit persists 96 hours.
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Anyway, of all the conditions covered...the most important are Heart Attack, Cancer and Stroke. Not to downplay the seriousness of other diagnosed conditions but nearly 80% of all claims that will get paid from these policies are due to those three conditions. Each carrier offers coverage for other conditions. Some carriers offer coverage for 21 different conditions, while other carriers may limit their coverage to 4 or 5 conditions.
Please understand that when looking into Critical Illness coverage, the most important thing to look for is not just what conditions are covered but how they are covered. The benefit definitions are a major consideration and it is "critical" (pardon the pun) to know the benefit definitions prior to purchase. There are carriers who provide a stroke benefit but will not pay a benefit unless the neurological deficit of the stroke persists for 30 days...whereas there are a few carriers who will pay a stroke benefit once the neurological deficit persists 96 hours.
I hope this helped answer your question.