Since critical illnesses come without a warning, it’s best to have an insurance plan with a wide range of benefits!
What is Critical Illness Coverage?
Also known as the dread disease policy.
Critical Illness policies pay out a lump sum cash payment if the policyholder is diagnosed with one of the commonly covered illnesses’. This type of insurance is typically purchased by the beneficiary which is usually the policyholder.
Why would you want it?
You are more likely to become critically ill than to pass away suddenly. A diagnosis of a critical illness is in itself is a life-changing event that can end in financial turmoil, especially if you cannot work.
Critical Illness insurance will help maintain your quality of life in the event of a serious diagnosis by issuing a direct payment to the beneficiary. The beneficiary may use the finances received however they see fit, including to pay for the cost of living, medical treatment, and groceries.
Family’s with mortgages and assets would benefit from a critical illness policy because it will protect the family’s assets and quality of living in a sudden event of a diagnosed critical illness.
Critical Illness insurance is sold similar to a life insurance policy, in order to qualify for coverage the policyholder has to answer medical questions and pass underwriting. Individuals at any age should get this coverage but of course the younger you are when you purchase the policy the better since it would be cheaper to invest at a younger healthy age, especially in this age of inflation.
Safeguard yourself from unforeseen medical circumstances.
Commonly Covered Critical Illness’
• Heart Attack
• The need for an organ transplant
• Terminal Illnesses