Modern medicine has made many advancements and as a consequence the chances of recovery from a critical illness such as cancer, heart attack and stroke have improved drastically. Needless to say with these advancements and the research gone into these cures comes a high price. The cost of such treatments can be astronomically high, possibly curing you from illness but putting you in financial criris.
If you are diagnosed with such a life threatening illness this insurance cover will pay a tax-free lump sum which can be used as you require. It is also good to point out that no receipts are required to claim re-imbursement as you decide on how to spend the money.
Who needs Critical Illness Insurance
People will need critical insurance for various reasons.
For singles you may need a policy that will cover the mortage whilst if you have children you may want to ensure protection for your family in the even that you cannot work.
Which illnesses are covered?
Illnesses that are covered will vary from insurer to insurer. As a broker Maxxlife Financial Inc will identify the best insurer and policy to suit your needs.
Although illnesses covered vary from one insurance company to another, critical illness insurance policies should cover ilnnesses such as cancer, heart attack and strokes.
Other conditions that could be classed as critical illness include:
- Major organ transplant
- Parkinson’s disease
- Kidney Failure
How much can I receive?
Cash payments range from $10,000 to $1 million depending on the policy and premium. These amounts are paid as a single, lump sum as soon as he/she is diagnosed with a critical illness.
Some policies also provide multiple cash payments. This means that is you have been diagnosed with cancer you will get a cash payment and if four years later you are diagnosed something else than you get another payment. This varies from insurer to insurer and Maxxlife will try to identity the best solution for yourself.