What is Critical illness insurance?
Simple it is a type of health insurance that if you get sick with the listed illness under the contract, you get paid a lump Sum? Depending on the type you get, it can cover anywhere from 1 to 25 different illnesses. For example, companies know the types of illnesses that we are at a higher risk of getting. A company named Humani, for example, offers just cancer insurance. If you get cancer based on the definitions in the contract, you get a payout.
Given that 1 in 2 will get cancer, this can be a huge help. Under this conversation, we will also talk about income insurance – it pays out a monthly income if one gets hurt or sick. As well one can get hospital insurance. If you end up in the hospital it helps with the cost that come.
Here are some pdf that shares what Humani offers here
Income Insurance – Accident and sickness
Other companies, for example, Foresters Financial, will have two types, one that covers 4 of the main illness one could get or 24 different illnesses. If one gets ill these products pay out a lump sum amount of money that is tax-free. This can be a huge help as often people are off work and there is always extra cost that comes.
When looking at life insurance be sure to see if you can bundle in critical illness. Sometimes you can get it at a lower cost.
Do you have any questions about Critical illness? Would you like a quote? Let’s book some time? https://calendly.com/matthewlaker/60min