Critical illness insuranceCritical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied. The physical and emotional strain of a critical illness can be severe and when you combine that with the potentially damaging financial impact, the result can be devastating. That’s where the critical illness benefit comes in—you are free to spend the money as you wish—such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering. A critical illness can happen to anyone:
Government statistics show that workers between the ages of 35 and 65 are four times more likely to become disabled for an extended period than they are to die. But disability coverage has limitations and doesn't cover all eventualities. It doesn't replace your full income but only a portion of it, which probably won't allow you to maintain savings. Depending on the type of coverage, you may qualify for benefits for only a limited time. And coverage usually stops at age 65. After you retire, you might no longer be insured. Here's where critical illness insurance comes in Some of key factors Waiting period Life Advance critical illness insurance covers 24 insured conditions:
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