What is Catastrophic Illness Insurance?
A type of insurance that protects the insured, in the event of specified major health events, during a defined period of time. Catastrophic illness insurance coverage is usually a lump sum, and can be full or partial depending on the condition and the policy. Some conditions covered could include (but not limited to); long-term hospitalization, heart attack, stroke or cancer.
Also known as “”critical illness insurance””. Catastrophic illness insurance can be used to supplement a beneficiary’s existing health and disability coverage. Restrictions are unique to the provider, but typically claims will be rejected due to: pre-existing conditions, not surviving 30 days after diagnosis, and any critical diagnosis within the first 90 days. Read more for examples and further explanation including related video clips and also comments
Continue reading “Catastrophic Illness Insurance definition explanation”