You need critical illness insurance the most during a severe illness. Critical illness insurance or severe illness insurance is an option provided by some employers. It is a form of supplemental insurance that pays a lump sum of money if the policyholder, or a covered family member, develops a major or critical illness. Medical emergencies like strokes, heart disease, and cancer are a few examples of covered illnesses.
With critical illness insurance, anyone included on the policy, you, your spouse, or your kids have coverage. Anyone on the policy will have all or some of their medical expenses paid. The policy might pay a lump sum or smaller sums over a period. The money is to pay for illness related expenses, such as co-pays, travel expenses, and childcare expenses.
A medical emergency can ruin a family, and send them into bankruptcy. Critical illness insurance provides additional funds in time of need. If you are down on your luck, and cannot work to support your family because of illness, then this policy might help you.