Critical Illness Insurance is designed to help you maintain your quality of life and meet financial obligations in the face of a critical illness or accident.

These policies pay you a specified lump sum payment, upon the diagnosis of a covered critical illness or accident, instead of paying directly for services as with traditional health insurance. As the odds for surviving a critical illness continue to increase, the need for additional financial resources becomes even more important.
Here are some things to consider –

  • The average age for a critical illness to strike is 44 (SwissRe, global experience of insurance carriers) while the average life expectancy is now 76.
  • Fully two thirds of all cancer related costs were indirect, non-medical expenses according to the American Cancer Society’s 1995 Cancer Facts and Figures
  • The survival rate for cancer patients is 73% today – almost 50% higher than it was in 1950 (American Cancer Society)
  • A person who has a heart attack now at age 45 has a 57% chance of surviving for five years or longer (American Heart Association)
  • The number of people who will survive a stroke has soared to 90%, compared to less than 10% in 1950 (American Heart Association)

Answers to some common questions about critical illness insurance:

What would I use a lump sum payment for?

  • Income replacement, car or home loan, groceries, uncovered medical expenses, deductibles, co-payments and co-insurance, home health care, modifications to your home to accommodate your condition, experimental treatments, keeping a small business going, funding a child’s education, or even to take the vacation of your dreams. You decide how the money is to be spent.What if I already have health insurance?
  • You may still want to consider critical illness insurance because it provides a lump sum payment that can be used to pay expenses not covered by your health insurance.Is critical illness coverage a replacement for my health or disability insurance? 
  • No, critical illness insurance is meant to be a supplement to rather than a replacement for existing coverages. Critical illness coverage can help fill the gaps in these traditional policies. Also, critical illness insurance provides a cost effective alternative where traditional disability insurance is not available or affordable, and has been used as a replacement for life insurance by single people.What about my life insurance?
  • Unless your policy includes a critical illness rider, life insurance will probably not provide a payout to help you recover from a critical illness.Does critical illness payout even if I have other coverage? 
  • Yes, critical illness benefits are paid in addition to other coverage you may have, and with a lump sum payment, you are in control of how the money is used.

At Field Insurance Brokers we are here to help you understand your policy and if you are not clear on any area please do not hesitate to ask your Account Representative.

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