Critical illness insurance is great to have if you can afford to purchase another policy. This policy will pay out a one-time lump sum of cash once you are diagnosed with a life-changing illness. Unlike disability insurance, there is no waiting period and the money can be available right away. The list of illnesses that qualify for this claim is written out on the insurance company’s website and their policy booklet. Examples of common critical illnesses are cancer, heart attack, stroke, and kidney failure. The payout amount is pre-determined by you, and what you feel comfortable with. The more coverage you require, the higher the premiums. If you’re not sure how much coverage you need, I suggest using one year’s worth of salary as a good starting point.
To learn more about other insurance policies click here.
Disclaimer: I am not an insurance advisor. This article was written based on personal experience and opinions. Please seek an insurance advisor for advice tailored to your needs.
– The Wealthy Sheep
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