Chances are if you're over 40, you have heard the term "Cancer Insurance" at some point in the past. By and large, Cancer Insurance has evolved into Critical Illness Insurance. I've never been in favor of Cancer Insurance for two reasons: 1) It used to be the case that if you had good health insurance, there really wasn't a great need for Cancer Insurance, and 2) It only covered one specific illness, and buying insurance against one very specific cause of loss is often times a bad idea.
However, it can no longer be said that having good health insurance is all you need. With the out of control cost of health care and health insurance, most plans now have high deductibles and Out-Of-Pocket maximums. In addition, Critical Illness Insurance covers many more types of diagnosis than the original Cancer coverage.
In addition to the above, health insurance doesn't usually cover a large portion of the costs associated with a critical illness. Costs such as: modifications that may need to be made to your house to accommodate your new situation, travel to and from doctors, hospitals and treatment centers, time your spouse has to spend away from work to care for you, and many more. These expenses can be very significant.
Click on this link to watch a very short video about how one individual benefited from Critical Illness Insurance. http://mrk.assurity.com/ciam/christy1.wmv.