Critical Illness Insurance, also known as disease-specific insurance, is meant to ease the financial burden of a serious illness such as cancer, heart attack and stroke. These policies may provide a lump-sum cash benefit to help you pay for additional costs that are related to your illness but not covered by your regular health plan or disability coverage.
Depending on the specific policy, the coverage can be used to pay for:
- Out-of-network specialists
- Travel and lodging when treatment is far from home
- Experimental treatments, usually related to cancer
- Childcare and household assistance
- Normal living expenses, such as car payments, utility bills, and groceries