We all know how important life insurance is to protect families when a breadwinner passes away, but what happens when that breadwinner is forced to live with a serious illness?

Health insurance continues to become more expensive and benefits are decreasing, leaving a serious gap in healthcare coverage. These circumstances have given rise to a new insurance product, Critical Illness Coverage.

Critical Illness policies generally cover a broad range of conditions most likely to cause major lifestyle changes, including heart attack, stroke, cancer and kidney failure. Upon diagnosis of the illness, the policy pays a single-payment benefit, tax free, regardless of what is covered by other sources. Benefit payments range from $100,000 to $250,000 and can be used as the policyholder sees fit.