Critical illness insurance pays you a lump sum either when you’re first diagnosed with it or after a surgery that the policy covers. This specific insurance is meant to cover post-hospitalization costs.
How is it normally sold:
- Stand-alone plan
- In a whole life policy plan
- Optional Rider to an existing whole life plan
- Major Cancers
- Heart Attack
- Coronary artery bypass surgery
- Stroke/Kidney Failure
Pointers to Note:
- Waiting period; usually, during diagnosis or for surgery there would be a waiting period – Do consult your agent immediately to ask what is the best course of action. Negligence and naivety can make you lose your benefits if the waiting period is ignored.
- Amount paid can vary depending on the stage of the cancers
- Coverage duration is a key factor that you might want to consider (E.g Coverage till you’re age 99 is twice as expensive as compared to the …