Products
A lump sum you can use when a serious diagnosis rearranges the budget.
Critical illness insurance pays a cash benefit if you are diagnosed with a covered condition. Policies often include cancer, heart attack, and stroke, and some include other conditions. You can use the money for treatment costs, travel to a specialist, household bills, or time away from work. It is not a substitute for Medicare.
Why people add it
Medicare and a supplement, or a Medicare Advantage plan, pay for covered medical care. They do not pay the mortgage while a spouse sits in a waiting room at OU Health, and they do not replace a paycheck. A lump sum is flexible in a way copay coverage is not.
The details decide whether a policy is useful. We look at which illnesses are covered, how severe a condition must be to trigger a claim, whether a recurrence can be paid, and what the waiting period is.
A fit, or a pass
If the premium crowds out the coverage you need more, we will tell you to pass. Critical illness insurance is worth considering when a cash cushion would change how you get through a diagnosis, and when the policy’s definitions match the risks you are actually trying to cover.
What we compare
- Which conditions are covered, and how are they defined?
- Is the benefit a single lump sum, and can it pay more than once?
- Is there a waiting period or a pre-existing condition limitation?
- Does the premium fit after your Medicare coverage is paid for?
Common questions
Does Medicare cover critical illness insurance?
Medicare does not sell or pay for a critical illness policy. It is a separate policy. Medicare still covers your eligible medical care under the plan you choose.
Will any cancer diagnosis pay the full benefit?
Not always. Some policies distinguish early-stage cancers or pay a partial benefit for certain diagnoses. We read that section with you before you apply.