Help Protect Yourself and Your Family with Critical Illness Insurance
A major illness can have a huge emotional and financial impact on any family – and it happens more often than you might think. Many families who go through the experience struggle with not just the illness, but also the increased expenses and loss of income.
Fortunately, you can help protect yourself against the potentially high costs of a serious medical condition with critical illness insurance.
Critical illness insurance can cover you for a specified period of time or for life. Policies vary, but coverage typically includes cancer, heart attack, stroke, multiple sclerosis, kidney failure, blindness, Parkinson’s disease, Alzheimer’s disease and other serious ailments.
If you are diagnosed with a covered critical illness during your coverage period, you receive a one-time, tax-free lump sum payment. You can use the money any way you see fit: to help meet expenses related to the illness, replace lost income or protect your retirement savings.
Policy Availability and Coverage
Critical illness insurance plans are offered by life insurance companies and are generally available to people up to age 65 and in good health. You may be able to renew your policy until age 75 or for your lifetime. Coverage generally ranges up to $1 million, although larger policies can be purchased. The full benefit is available even if you recover from the illness. Usually there is a 30-day waiting period after an illness is diagnosed before benefits are received.
Critical illness insurance should be part of an overall insurance plan that also includes disability, long-term care and life insurance. By having adequate coverage, you can help ensure that your family’s financial needs will be met in the event of unexpected circumstances.
Your Edward Jones advisor can help you determine the level of critical illness coverage you should consider and can recommend an overall insurance plan to meet your requirements.
Insurance and annuities are offered by Edward Jones Insurance Agency (except in Quebec). In Quebec, insurance and annuities are offered by Edward Jones Insurance Agency (Quebec) Inc.
