This protection provides you with a tax-free lump sum payment upon diagnosis of a variety of critical illness, including heart attack, stroke, cancer, deafness, blindness, etc.
A complete financial plan should include coverage to protect yourself and your financial commitments against an unexpected illness. Critical illness insurance will help you get on with the business of living. This type of program is usually issued as an attachment to life insurance programs, or can be purchased on it's own.
This program will not affect any life or disability insurance proceeds in the event a stroke, heart attack, paralysis, kidney failure, blindness, major organ transplant, coronary bypass, multiple sclerosis, and life threatening cancers.
There are two types of Critical illness plans
- This plan will pay the face value of the coverage purchased for $100,000, tax-free after you surviving 30days from diagnosis.
- This plan will provide $1 million of coverage at a private hospital to get you better as soon as possible. The cost for this $1 million is about the same as $100,000 under 1, which is mentioned above.
