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Before defining what critical illness insurance is, let’s start with the basics and define what a critical illness is. When exploring the critical illness insurance meaning, it’s helpful to know that the plan refers to major health emergencies, like cancer, heart attacks and strokes.1
There may be other critical illnesses covered, but this depends on the insurance company you choose to work with and the fine print within each critical illness plan. With Aflac, you may be able to receive help with a handful of other illnesses. We recommend chatting with an Aflac agent to better understand the specific illnesses covered in Aflac’s critical illness insurance plan.
Now that you know what a critical illness is, let’s review the definition of critical illness insurance. Critical illness insurance is sometimes referred to as life-changing illness and health events insurance. In a nutshell, critical illness insurance is a type of supplemental plan that works with your primary medical insurance plan to help provide additional coverage.
Your major medical plan may be able to cover some of the costs that accompany a serious health event, but it’s not uncommon to be left with serious out-of-pocket costs. A supplemental critical illness insurance plan can help you pay for leftover expenses.2
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Critical illness insurance usually pays you cash benefits that you can use to help with costs related to treatment and recovery. You can also use the critical illness benefits to pay for everyday expenses, like rent and groceries. Since most of these plans utilize lump-sum cash benefits, critical illness insurance can help with other areas as well, like transportation fees, childcare costs, and other treatment-related fees.2
As noted above, some critical illness insurance plans pay policyholders lump-sum cash benefits that can be used however they are needed most. You could use these benefits to help pay for copays and deductibles, any missed income, prescription medication or other necessities. You decide where you could benefit from additional financial assistance.
There are a handful of benefits that may make critical illness insurance particularly worth it for you:
Now that you better understand what critical illness insurance is, you may feel it is a good fit for your unique needs. Looking at your family’s medical history and chatting with your doctor may help you understand your likelihood of experiencing a critical illness.
1 Verywell Health - Best Critical Illness Insurance. Updated on May 28, 2023. Accessed April 3, 2024. https://www.verywellhealth.com/best-critical-illness-insurance-5116714.
2 Forbes Advisor - Critical Illness Insurance Costs And Benefits. Updated August 31, 2022. Accessed April 3, 2024. https://www.forbes.com/advisor/health-insurance/critical-illness-insurance/.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
This is a brief product overview only. Coverage may not be available in all states,including but not limited to ID, NJ, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders may be available at an additional cost. Plans and riders may also contain a waiting period. Refer to the exact plans and riders for benefit details, definitions, limitations and exclusions. For availability and costs, please contact your local Aflac agent/producer.
Aflac Policies
A73000 Series - In Delaware, Policies A73100DE & A7310HDE. In Idaho, Policies A73100ID & A7310HID. In Oklahoma, Policies A73100OK & A7310HOK. In Virginia, Policy A73100VA. B71000 Series- In Delaware, Policies B71100, B71200, B7130H & B7140H. In Oklahoma, Policies B71100OK & B7110HOK.
Coverage is underwritten by American Famly Life Assurance Company of Columbus. In New York coverage is underwritten by American Family Life Assurance Company of New York.
Tier One Policies
In Arkansas, Policy T71100ARR. In Delaware, Policy T71000. In Oklahoma, Policy T71000OK. In Oregon, Policy T71000OR. In Virginia, Policy T71100VA.
Coverage is underwritten by Tier One Insurance Company. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
Aflac’s family of insurers include Aflac, Aflac New York, Continental American Insurance Company, and Tier One Insurance Company.
Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999.
Z2300344R1
EXP 4/25
