What is critical illness insurance?
If you’re diagnosed with a serious condition, critical illness insurance provides you with a one-time, tax-free payment, as well as access to emotional and medical support. The conditions that are covered may vary, but your contract will outline exactly which conditions you are covered for. Some examples of conditions that are usually covered are cancer, heart attack, and stroke.
How it works:
Step 1: Choose the amount of coverage you would like. To determine this, consider your income and expenses, and how these might change if you were diagnosed with a serious condition.
Step 2: Pay your premium.
Step 3: If diagnosed with a serious condition, file a claim.
Step 4: Receive your one-time, tax-free payment. You may not always receive your payment right away as certain conditions have a set waiting time from when you file your claim.