If you have been diagnosed with a critical illness, you might be wondering how your health will affect your insurance plans. Alternatively, if you are healthy now but you’re unsure if you will ever need critical illness insurance, you might wonder how this type of policy works if you were to receive a critical illness diagnosis.

In this article, we explain how critical illness insurance works, the likelihood of becoming critically ill, and how critical illnesses can affect your chances of getting life insurance coverage.   

What types of conditions are considered a critical illness? 

A critical illness is a significant health event that requires critical care or continual treatment and recovery. This includes conditions such as cancer, heart attack, stroke, and kidney failure. Certain insurance carriers will also cover conditions or procedures such as a heart transplant or coronary bypass surgery.

None of us can predict if we will be diagnosed with a critical illness. According to the American Cancer Society, there will be an estimated 1.8 million new cancer cases diagnosed in 2020, and 606,520 cancer deaths in the United States. 

Critical illness insurance can help you prepare for any changes in your health by providing financial protection during uncertain times. 

What is critical illness insurance?

Critical illness insurance is life insurance coverage that will pay out a benefit as a lump sum to help you cover the costs of medical treatments and lost wages after a critical illness diagnosis covered in the policy. You apply for coverage when you are healthy, then pay policy premiums to the insurance company. If you are diagnosed with a critical illness that is covered under your policy, the insurance company will pay you a lump sum cash benefit.

Can I get critical illness insurance after I have been diagnosed?

Unfortunately, you will need to secure coverage before a diagnosis in order to qualify. Waiting to apply for coverage until you’ve been diagnosed with a critical illness means that your insurance carrier won’t cover that illness or health event. However, if you have previously been diagnosed with a critical illness that has been treated and has not returned, you may still qualify for coverage. Don’t let a past or current critical illness keep you from trying to get life insurance coverage – many carriers will offer coverage for individuals with a previous critical illness diagnosis. Your Quility insurance advisor can help you navigate the qualification process and find coverage that fits your budget.

What about life insurance? 

If you have a critical illness, there is a chance you could get life insurance, but at a higher cost. Some insurance carriers offer a base minimum amount of insurance coverage to everyone regardless of health history, however, premium payments will likely be higher for someone with a critical illness than for someone who is otherwise in good health.

The bottom line 

When you purchase critical illness insurance, you’ll be able to rest easy knowing that if the worst happens, the bills will still be paid, and your loved ones will be taken care of. If you’d like more information about critical illness insurance, Quility’s licensed insurance advisors are here to help you find the best fit for you and your loved ones.

As always, we are here for you if you need more information, a custom quote, or any guidance along the way. Connect with a licensed agent today to get started.

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.