Critical Illness

Critical illness insurance pays a fixed lump-sum benefit (typically $10,000-$100,000) upon diagnosis of a covered condition — cancer, heart attack, stroke, kidney failure, and major-organ transplant are the most common. Some plans also cover Alzheimer's, paralysis, and severe burns.

The benefit comes to you as cash. Use it for deductibles, copays, out-of-network specialists, time off work, travel for treatment, or anything else. There's no requirement to use it for medical expenses.

Most NJ carriers offer guaranteed-issue critical illness without a medical exam up to a certain face amount. Premiums depend on age, smoking status, and benefit amount.