Simply put, Critical Illness Insurance provides you with a lump sum of money if you get diagnosed with one of 25 different illnesses. The most common claims are for heart attack, life threatening cancer, and stroke. There are also 22 other illnesses that are covered under most polices including coronary bypass surgery.
So how does it work? You purchase a policy, you are diagnosed with any other 25 illnesses by a doctor, survive 30 days (for most illnesses) and receive a lump sum of money. That’s IT! You can choose what you’d like to use that money for… whether it’s used to keep a roof over your head, take some time off work, or go to another country for a new cutting edge treatment… it doesn’t matter!
One of the best parts about this type of insurance is that if you don’t use it and you set it up properly (with the advice from a knowledgeable advisor) you can get all your money back! How does that work? Well if you purchase the policy and hold it until age 75 without using the policy you can hand the policy back to the insurance company and they will give you a check for all the the premiums you paid. Not a bad little savings plan!
So basically you have money when you need it most (you are diagnosed with a serious illness) or you get all your money back… I’ll take one please!
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