Early discovery benefits

The good news: thanks to medical advances and new treatments, many people today survive illnesses that used to result in death. The less positive news: because the treatment and recovery periods for these illnesses can be long, the associated costs range from reasonable to prohibitively expensive.

Critical illness insurance can help offset costs and safeguard your wealth during times of serious illness by providing financial support through the recovery period. This article outlines what critical illness insurance does and gives insight into the “early discovery benefit” feature.

What is critical illness insurance?

Critical illness insurance is a financial safety net.  It provides you with a lump sum payment if you are diagnosed with a severe medical condition that is covered by the policy. These conditions typically include serious illnesses such as heart disease, stroke, organ failure, and some cancers. The payout from critical illness insurance can be used to cover medical expenses, replace lost income, pay off debts, or any other financial needs that may arise during a health crisis.

Covered conditions usually include commonly diagnosed ailments – the types of illnesses that can impact anyone. To learn more, browse some statistics about how critical illness can affect anyone. 

The importance of early detection

Medical advances mean that not only are more people surviving critical illnesses, but they are also benefiting from early detection for some conditions,¹ and many life-threatening diseases are more manageable when identified in their initial stages. That’s where the concept of “early discovery benefits” comes into play.

Early discovery benefits, a feature offered by some critical illness insurance policies, provide additional coverage if a policyholder’s covered illness is detected at an early stage. Here’s how it works:

1. Early Diagnosis

When a policyholder is diagnosed with a covered critical illness in its early stages, they receive a portion of the insurance payout. This payout can be a percentage of the total coverage amount, for example 15%, depending on the policy terms. This payout in most cases does not affect future benefits payable under the policy.

2. Financial Support

The additional funds received through the early discovery benefit can be a lifeline. For example, you can use the money to help cover medical expenses, additional childcare, or to support more time off work – the choice is yours.

3. Improved Outcomes

Early intervention and treatment for critical illnesses often leads to higher chances of recovery. Research shows that financial stress can contribute to poor health,² so the added financial support may contribute to better outcomes.    

Critical illness insurance with early discovery benefits can be a game-changer. It offers financial protection in the face of life-altering illnesses and helps support people through early medical intervention.  Your advisor can help you decide if critical illness insurance protection is right for you and lead you to a policy offering early discovery benefits.

¹ Advances in Cancer Treatment Can Mean Longer and Better Lives for Patients.

² Financial stress and its impacts