Critical Illness Insurance provides cash payment when critical illness is first diagnosed.
The plan can pay 100% of cash benefit (you can choose from $5,000 to $100,000) for critical illnesses including invasive cancer, heart attack (myocardial infarction), stroke, kidney failure, coma, blindness, deafness, major organ transplant, paralysis, loss of limb, major burns, multiple sclerosis etc.
Critical illness insurance pays 25 percent of your maximum benefit amount for:
First-Ever Coronary Artery Bypass Surgery
First Carcinoma in Sit
First-Ever Coronary Angioplasty
The plan pays 25% of the cash benefit in the event of coronary artery bypass graft, cancer that has not spread, advanced Alzheimer’s & heart valve surgery. One can use the cash payout as one chooses – use it for everyday expenses, medical bills or just anything. The plan also includes a term life insurance benefit as a part of the package.
Critical illness insurance makes a lump-sum cash benefit payment upon diagnosis of a critical illness or health condition. The cash payout can be used in any way one chooses – for treatment, daily expenses (while being away from work), mortgage etc.
You can buy a critical illness plan for a 10- or 20-year term period.
Critical illness insurance could be a strong supplement to high deductible HSA health insurance because one can use the cash from critical insurance to pay off the high deductible.
When you are considering your financial future it helps to consider critical illness insurance. The sad fact is we don’t know how our lives are going to turn out, but you can provide protection for yourself and your family with a critical illness insurance policy.
Critical illness insurance policy pays out a cash sum if the insured is diagnosed with a critical illness before the age of 65. The policy then also pays out a term life benefit on the death of the insured, up to the age of 80. You can buy a critical illness plan for a 10- or 20-year term period. There are many benefits to taking out a critical illness insurance policy.
The policy covers up to 15 different serious illnesses like heart attack, stroke and cancer. You typically receive between $5,000 and $100,000 in illness benefits depending on your plan. You will receive this money to spend on what you like, and regardless of the treatment you choose to undergo.
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