What is Critical Insurance? How does the Coverage Work?

What is Critical Insurance How does the Coverage Work

A recent study of American cancer survivors showed that 65% of participants did not have sufficient income to cover out-of-pocket expenses for cancer treatment and other incurred debts related to the illness. Following treatment, 30% reported debt of $10,000 or more.

What is Critical Insurance How does the Coverage Work
What is Critical Insurance How does the Coverage Work

What is Critical Insurance?

With Critical Illness insurance, you’ll receive a lump-sum payment when a covered illness is diagnosed. You can use the payment in any way you choose, including:
Expenses not covered by your medical insurance

  • Deductibles and coinsurance
  • Caregiver expenses
  • Travel to and from treatment centers
  • Rehabilitation
  • Day-to-day living expenses
  • Rent or mortgage payments
  • Groceries
  • Child care
  • Utility bills

How does the Coverage Work? 

  • You and your dependents are eligible for coverage.
  • You choose the amount of coverage available at the time of enrollment.
  • A lump sum benefit is paid when you or a dependent are diagnosed with a covered illness while insured under the policy.
  • If a previously covered illness returns, or you’re diagnosed with an additional covered illness, benefits remain payable up to the benefit maximum for as long as you are insured under the policy (subject to plan terms and conditions)

Why do you Need it?

A major illness – such as cancer, a heart attack or stroke – can leave you emotionally, physically and financially overwhelmed. Critical Illness insurance can help relieve the financial impact of an illness so you can focus on recovery. Critical Illness insurance can enhance your traditional medical plan. When combined with accident or disability insurance, it can also help ensure that you’ll be better prepared to cover out-of-pocket expenses in the event of a serious illness. In addition to financial support, Critical Illness insurance provides these services
to help you focus on your treatment and recovery:

  • Health Champion- Unlimited access to administrative and clinical experts who can guide you through your health concerns and care options.
  • Ability Assist – 24/7 access to trained professionals and resources for assistance with the financial, legal and emotional issues that may follow a serious illness

Who Can Buy The Policy?

Irrespective of how many accounts the Insured has, he/she is allowed to take only one Policy. Multiple policies for same Insured are disallowed. Even if multiple policies taken through one or more than one account of SBI or any regional rural banks for any reason , our liability will be restricted to only one policy with highest Sum Insured. All other policies shall be deemed as null & void. Premium paid for all such policies will be refunded after deduction of administrative expenses of 150$. In case of joint account, two separate policies may be issued in case if both the account holders opt for respective individual policies.

Why Critical Illness Insurance matters

Contrary to what many people believe, medical insurance may only cover a portion of the expenses associated with treating a serious illness. Plus, additional costs that often come with recovering, like childcare, transportation, and grocery delivery, may be left up to you. Critical Illness Insurance can provide you with a benefit that can help you pay for unexpected costs, such as those that your existing medical insurance may not cover. Handling the emotions that come up when experiencing illnesses such as a cancer1 diagnosis, heart attack, 2 or stroke 3 is difficult enough. Worrying about your financial stability on top of this can obviously be overwhelming. With Critical Illness Insurance, MetLife can help you and your family have the financial stability necessary to completely focus on healing during a difficult time. When critical illness affects your family, you’ll have the financial support when it matters most.

An example of how Critical Illness Insurance can help.

I never would have expected to suffer a heart attack. But one day while teaching English class,
I felt an intense shortness of breath and pain in my jaw. Luckily, the school nurse called 911.
The last thing I needed was to worry about was finances — I just had to focus on getting better.
Critical Illness Insurance helped me pay for things that medical insurance didn’t cover, like
specialist co-pays and extra help around the house, while I recovered.*

Financial support so you can focus on getting well.

Critical Illness Insurance is coverage that can help safeguard your finances by providing you with a lump-sum payment — one convenient payment all at once — when you or your family may need it most. The extra cash can help you focus on getting back on track — without worrying about finding the money to cover some of your expenses. And best of all, the payment is made directly to you, and is made regardless of any other insurance you may have. It’s yours to spend however you like, including for you or your family’s everyday living expenses. While recovering, Critical Illness Insurance is there to help make life a little easier

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