Critical Illness Insurance will pay the policyholder a tax-free lump-sum amount when diagnosed with a life-threatening condition during a policy term. The policyholder will be covered for the length of the policy so long as they keep up with premium payments. However, when the policy term ends, the protection will as well. This is why it is important to determine the length of time you want the protection to last when enrolling. The insurance may be presented in conjunction with Term Life Insurance.
The exact conditions that this insurance will cover varies. Usually, strokes, heart attacks, and some cancer are covered but additional illnesses may be added. Other urgent illnesses include:
Traumatic head injury
If you want to ensure the protection of your family in the case that you are unable to after falling ill, this coverage is perfect for you. If you do not have a family, you will still need to ensure that you are able to afford your mortgage and other bills, which this policy can help you do. This just goes to show that so many people can benefit from this coverage, but the coverage does vary from person to person.
Simplified issue individual protection- These more affordable coverage plans are available in levels that don’t exceed $50,000.
Fully underwritten individual plans- In this case, higher amounts are offered (up to $ 500,000). In this case, the insurer will require your medical information.
You will also likely be exposed to other voluntary plans offered by employers that must be paid in full by the employee.
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