Often, when people hear the word insurance, critical illness is the last thing on their minds. In fact, car insurance and health insurance are usually the first things that pop into people’s head. However, critical illness insurance is a voluntary benefit that many employees can benefit from whenever they need to. Here is everything you wanted to know about critical illness insurance and why you should offer it to your employees.
What Exactly Counts As A Critical Illness?
When it comes to knowing what types of illnesses are considered critical, it can get a little confusing. In fact, many employees are unaware that certain illnesses they or their family members face actually qualify for the critical level that would allow them to take advantage of a critical illness insurance benefit. Serious conditions like cancer, heart attack, and stroke are obvious critical illnesses. But others, such as blindness, multiple sclerosis, and kidney failure also rise to the critical illness level. As a result, having insurance to cover the costs of care for these illnesses can really help your employees get by.
Critical Illness Insurance Versus Disability Insurance
Many employees will often wonder about the differences associated with critical illness insurance and disability insurance, never knowing which one to choose to use for themselves in a specific situation. In fact, it’s normal to be confused when the two are quite similar. However, they do differ, For one thing, critical illness insurance is simply meant to protect you when you are ill and provide a source of income to cover the medical costs associated with your illness. However, disability insurance only pays a portion of your income when you are disabled and cannot come into work. The costs aren’t the only differences; the qualifications vary as well. For critical illness insurance, if you have a policy-listed illness, then you would qualify for the benefit. But, when it comes to qualifying for disability insurance, the reliance is on your inability to work, which ultimately varies from person to person.
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. With The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page, follow us on Twitter, LinkedIn, and Google+ for all the latest voluntary benefit news!