What is Critical Illness Insurance?
Critical Illness Insurance is coverage which pays out a lump sum benefit if someone is diagnosed with one of several Covered Conditions. Most insurance companies offer coverage for about 20 to 25 different Covered Conditions. Some examples of a Covered Condition would include such things as heart attack, cancer, stroke and by-pass surgery.
How does Critical Illness Insurance protect me?
Assuming the person survives for at least 30 days after being diagnosed, the plan would pay out the amount for which they were insured.
When should I purchase Critical Illness Insurance?
The average age at which a person usually gets a critical illness is 41, regardless of whether they are male or female. Therefore, it’s preferable to purchase this type of insurance when you are younger.