Critical illness insurance pays a significant lump sum, tax-free benefit to you if you are diagnosed with a condition covered in your policy and survive 30 days after diagnosis. That way, you don’t have to choose between your personal health and your financial wellness. You can use the benefits however you wish:
- Go out of the country for medical treatment or pay for private nursing.
- Modify your home or move to a home more appropriate for your condition.
- Stay home longer before returning to work.
- Allow a family member to take a leave from work to help you recover.
- Pay off your mortgage and bills, or even retire early.
Additional optional features
- Return of Premium at Surrender will reimburse your premiums if you are not diagnosed with a critical illness after a certain period of time, usually 15 years or at a specified age.
- Return of Premium at Death will refund premiums paid to your estate or named beneficiary if you pass away without becoming eligible for the insurance benefit.
- Children’s Critical Illness riders can provide insurance for all of your children under a certain age with one small additional premium.