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Critical Illness Insurance


What is critical illness insurance you might ask?


Well, critical illness covers off a range of conditions from heart attack, stroke, and cancer to other types including Alzheimers, and other illnesses that are life threatening. Covered conditions can range from as few as three to 25 or more.


It pays when diagnosed with the definition of the covered condition, where you survive for 30 days. It then pays a lump-sum, tax-free benefit based on the amount of coverage.


For example, if you purchased a $100,000 plan, it would pay $100,000 to you, as your own beneficiary.


The plans can range in variety from 10-year convertible term, to age 100 (lifetime plans).


Some interesting features help to justify the cost: you can get a refund of premium rider if you die, or get a full 100% refund of premiums in a set number of years.


Therefore, you might look at critical illness like a savings plan that will eventually pay you back, whether or not you contract a critical illness.