Due to new advancements in medicine, survival rates of people who suffer from a life-altering critical illness such as a stroke, cancer, or heart disease has drastically improved. However, recovering from a critical illness could have a large financial cost that could impact you and your family.
Including critical illness insurance into your financial security plan may allow you to maintain your family’s lifestyle by helping to pay for the costs brought on by a life-altering illness while you recover. If you become affected by one of the illnesses covered by your policy and survive the waiting period, you will receive a tax-free lump sum cash payment that you can use however you want.
Critical Illness insurance money could help you:
- Pay down mortgage while you recover from illness
- Replace reduced or any lost income for you or spouse, who may like to take off time from work to care for you
- Cover cost of any medication or medical devices
- Take time away with your family to recuperate
The return of premium option on critical illness insurance allows you to receive up to 100% of your premiums back if you never file a claim.