What is Critical Illness Insurance?

Critical illness insurance is a type of coverage that provides a lump-sum payment if the policyholder is diagnosed with a serious illness, such as cancer, heart attack, or stroke. Read this interesting content payment can be used to cover medical expenses, living expenses, or any other financial need that may arise due to the illness.

Key Features of Critical Illness Insurance Policies

When considering critical illness insurance policies, there are several key features to be aware of. These features can vary depending on the insurance provider, but there are some common elements that most policies include. Explore Read this interesting content external source we’ve arranged for you and discover additional details on the subject discussed. Broaden your understanding and investigate fresh viewpoints, life insurance denied claim.

Coverage for Major Illnesses: Critical illness insurance typically covers a range of major illnesses, including but not limited to cancer, heart attack, stroke, organ transplant, and kidney failure.

Lump-Sum Payment: If the policyholder is diagnosed with a covered illness, the policy pays out a lump sum of money to the insured. This amount is predetermined at the time of policy purchase.

No Restrictions on Use: The payment received from a critical illness insurance policy can be used for any purpose, such as medical bills, living expenses, or even a vacation to aid in recovery.

Survivor Benefit: Some policies also include a survivor benefit, which pays out a lump sum to the policyholder’s beneficiaries if the insured passes away

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