Like life insurance, critical illness insurance is also available in term or permanent options. Term critical illness insurance covers you for a fixed period or “term” and permanent critical illness insurance covers you until death (though you can pay the monthly premium for the policy upfront, typically over a duration of 10 or 20 years).
The benefit payment is called a living benefit because it does not depend on whether you have recovered or not. It is paid out while you are living, once it is established you have contracted a covered illness or gone through certain health incidents.
Depending on the condition and the insurance provider, you may have to survive for a certain amount of time (known as the survival or waiting period) before you are eligible for the payout.
Coverage can vary according to the severity of the condition you are diagnosed with. For example, some non-life-threatening cancers may not be covered, but more serious cancers might be.
It is important to read your policy carefully. Be sure to ask an advisor to provide you with a complete explanation of your coverage.
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Critical illness insurance works by providing you with a financial cushion. In the unfortunate circumstance that you are diagnosed with one of the critical illnesses listed on the policy, you are given a lump sum cash payment.
You have the flexibility to use the cash any way you want to help you cope with the financial and emotional stress associated with a serious illness. In exchange, you pay a periodic sum of money to the insurance company, usually monthly, called a premium.
Critical illness insurance, sometimes called heart attack insurance, stroke insurance, or cancer insurance, can be purchased as a stand-alone policy, or as a rider on your existing life insurance policy.
Critical illness insurance can help with medical costs, which include:
Critical illness insurance can also help with non-medical expenses like:
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Return of Premium (ROP) insurance riders grant a refund of the premiums you paid and have three distinct types:
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