Critical Illness Insurance
This type of insurance pays a benefit to an individual in the event that they are diagnosed with a critical illness such as cancer, a heart attack, or a stroke. Some plans cover 3 or 4 different illnesses while other plans cover up to 25 illnesses. Unlike disability insurance, which usually pays a monthly benefit that is a percentage of your salary in the event you are unable to work, Critical Illness Insurance pays you a Tax Free Lump Sum Benefit shortly after your diagnosis, regardless of your ability to work. This benefit can help pay for items related to your illness such as medical expenses that are not covered by a health plan, prescription drugs, or mortgage payments.
And you have the option to receive a 100% refund of your premium if there has not been a claim or your beneficiary will receive the refund if you passed away without making a claim.
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