Few products can help bridge a gap quite like critical illness insurance.

This relatively affordable solution has the potential power to help cover medical costs not covered by traditional health plans, facilitate small business continuity from one generation/partner to another in the event of a covered illness, and generate incremental streams of revenue for financial professionals.

Keep reading for insights on the vital need for, and key role of, today's critical illness protection products.

The need

Critical illness insurance provides a lump-sum payment for the occurrence of one or more covered medical conditions, subject to policy terms and specifications, including limitations and exclusions.

The contracts differ from carrier to carrier, but this solution generally is designed to empower policy holders to choose the care and treatment they prefer if they undergo a major organ transplant or are diagnosed with another qualifying event such as a heart attack, invasive cancer, stroke, kidney failure, coma, paralysis, severe burn, and/or the loss of sight, speech or hearing. The stats related to these conditions are compelling. 

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