Critical Illness Insurance
Several obstacles could potentially derail your financial security, such as a marriage breakdown, a stock market crash, or being sued. Another risk to your financial health would be the diagnosis of a life-threatening critical illness. While it might be difficult to insulate yourself against some of the threats to retirement security, Critical Illness Insurance goes a long way to mitigate the financial disaster resulting from a change in health. If you become sick with an illness covered by your policy and survive the waiting period, you’ll receive a lump-sum cash payment which can be spent any way you wish.
Critical Illness Insurance has many different options to consider, such as Return of Premium should you not suffer a critical illness.
Key features of Critical Illness Insurance:
- The policies usually cover most major illnesses such as severe heart conditions, cancer, strokes, blindness, deafness, paralysis, and many other conditions.
- There are no restrictions on how you use the payment.
- It is known as a “living benefit” as the benefit is payable to the insured, not a beneficiary.
- In contrast to disability insurance, critical illness insurance is paid even if you are able to return to work following your diagnosis.
- If you become sick with an illness covered by your policy and survive the waiting period, you’ll receive a lump-sum cash payment which can be spent any way you wish.
We can help you determine what makes the most sense for you!
