Critical Illness insurance is a relatively new form of protection that provides money while you are still alive. It has tremendous flexibility if you become critically ill because there are no requirements for how you spend the lump-sum of money that you receive. You don't have to get approval for expenditures, you don't have to provide any receipts, and you don't even have to spend the money on medical expenses.
Critical illness insurance provides you with a lump-sum payment to be used however you see fit. If you want to try alternative therapies, you want to be treated outside of the country, you want to hire someone to take care of you, you want to hire a nanny to take care of your children...you choose how to spend your money.
If you die while the policy is in force, your estate receives a refund of 100% of the premiums that you paid into your critical illness policy.
Critical illness insurance covers specific illnesses only.
Critical illness plan provides a way of protecting yourself against the high cost of rebuilding your lifestyle following a critical illness. It offers a lump-sum cash payment while you are living, usually just 30 days after the diagnosis and with no requirement on how you spend the money.
Depending on the insuring company, following are some of the illnesses that may be included:
- Heart Attack
- Loss of Limbs
- Major organ transplant
- Stroke
- Blindness
- Coma
- Multiple Sclerosis
- Deafness
- Severe burns
- Parkinson's Disease
- Cancer
- Paralysis
- Loss of speech
- Kidney Failure
- Heart bypass surgery
- Motor Neuron Disease (ALS)
- Alzheimer's Disease
- Occupational HIV
- Aortic Surgery
- Heart Valve Replacement
- Loss of Independent Existence
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