Cancer & critical illness
A lump sum on diagnosis, yours to spend
A diagnosis named in your contract, like cancer, heart attack or stroke, pays a lump sum. It covers the bills and lost income health insurance leaves behind.
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The money goeswhere you need it
Health insurance pays much of the hospital bill, but not all of it. The lump sum you receive on diagnosis comes with no limits on how it’s used.
Replacing income
The mortgage, utilities and childcare carry on while you’re off work. It helps if a spouse steps away to give care, too.
Deductibles & co-pays
Covers the share health insurance doesn’t, including prescriptions. You can claim from diagnosis.
Everything else
Uncovered treatments, a caregiver, travel and lodging near the hospital, changes to the house.
What to check before you buy
Products differ more than you’d expect. I compare these points side by side.
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Covered conditions
Which cancers and illnesses are included, and how a qualifying diagnosis is defined.
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Amount and payout
Whether it pays one lump sum, and whether the amount changes by condition or stage.
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Waiting period
Some products don’t cover claims for a set period after the policy starts.
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Coverage you already have
If your life policy already has living benefits, we can avoid paying twice for the same thing.
Applications are underwritten
Critical illness coverage is something to put in place while you’re healthy. Applications are medically underwritten, and your history can limit eligibility or change the premium. What’s covered and how much depends on the terms of your contract.
Questions people ask
I have health insurance. Do I still need this?
Health insurance pays much of the bill, but deductibles, uncovered treatments and care costs remain. The bigger strain is the income that stops during treatment. American Cancer Society research describes the serious financial toll a diagnosis can bring to a household.
When is the money paid?
You can claim once a covered diagnosis is confirmed. Because you can file at diagnosis, the money can arrive when the costs do.
Which conditions are covered?
Cancer, heart attack and stroke are the most common, and some products add major organ transplant or end-stage renal failure. Coverage and definitions vary by product, so I always check them against the contract.
How is this different from living benefits?
Living benefits let you draw on your life policy’s death benefit early, which reduces what your family later receives. Critical illness coverage pays its own set amount on diagnosis. Depending on your situation, one or both may make sense.
Can I apply if I have health history?
Applications are medically underwritten, so your history may limit eligibility or affect the premium. Every carrier draws the line differently, and I’ll help you find the options that are open to you.
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신현인 Sam Shin
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