Posted on September 10th 2018
Critical illness plans are plans that pay a lump sum of money whenever you’re critically ill. The payout is supposed to help you cope during the recovery period that you cannot work. Apart from the basic and early critical illness plans, insurance companies recently introduced multi-pay critical illness plans. What are they, and how are they different? In this article, fundMyLife examines the differences between single-pay and multi-pay critical illness plans.
#1 Number of times you get payouts
Let’s get the most obvious difference out of the way – the number of times you get payouts.
Typically, the usual critical illness plans provide a single payout when you contract one of the 37 diseases, in a relatively late stage. For example, you’re only eligible for the payout when you contract stage III or stage IV lung cancer.