How Important Is Critical Illness Insurance? 
Critical Illness Insurance helps you pay for the costs not covered by your regular health insurance . Rather than receive monthly payments -LRB- like you would with disability insurance -RRB- , you 'll receive a lump sum payment upon diagnosis . The money can be used for anything , including bills , co-pays , mortgage payments , savings , child care , etc.With Critical Illness Insurance , there is n't a waiting period , so you will receive the money immediately . If you havea disability insurance that does n't kick in until after a waiting period , this moneycan help fill in the gap . if you have a high-risk profession that makes you unable to receive DI , you can typically still receive critical illness insurance . 