Critical Illness Insurance pays a lump sum for surviving a covered condition.
It can cover major illness like cancer, heart attack, kidney failure, and many more.
You can have an option to get all your money back if you don’t get a covered condition.
You may have millions dollars of Life Insurance, but you still need Critical Illness insurance.
Life Insurance will only pay your loved ones if you die. Statistically, there are more chances that you may
survive
a major medical emergency than dying from it. In this case, how will you survive financially? How will you pay
your
mortgage or rent or other bills? That is why you must have critical illness insurance.
You use the lump sum benefit as you wish.
The money you get from the insurance company is yours to use for whatever you need. For example, If you have suffered a severe stroke and now you need a wheel chair to get around, you may need to build a ramp to enter your house. If you are able to, you may use it to travel or you may want to seek alternative treatment that the government medical will not pay for.
If you suffer one of the conditions and survive for 30 days in most cases, Critical Illness coverage pays a tax-free lump sum benefit once the insurance company gets all medical records from the doctors or hospital.
In the event of death before the defined survival period and if the policy has the return of premium upon death option, your survivors will get all premiums you’ve paid for in the policy. But if you survive the covered condition, you’ll get the lump sum from the insurance company.
You don’t have to be disabled to claim your insurance policy. You get the check for the lump sum benefit if you have suffered the covered condition. You may feel in good enough condition to get back to work in a few days if your attack was not very severe. That will have no effect on the benefit. Critical illness insurance benefit is yours to keep..
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