A lump-sum payment to help cover medical costs, lost income, and recovery expenses when you face a serious illness.
Critical illness insurance provides a lump-sum payment if you are diagnosed with a covered serious illness such as cancer, heart attack, or stroke. The payout can be used for medical bills, recovery costs, or any other financial needs, giving you financial support when you need it most.
Critical illness insurance works by providing a one-time payout if you are diagnosed with a covered condition. Here’s how it typically functions:
| Pros | Cons |
|---|---|
| Lump-sum payout — Helps cover medical and living expenses. | Limited coverage — Only covers illnesses listed in the policy. |
| Financial support — Reduces stress during recovery. | Premiums can increase — Cost may rise with age or health changes. |
| Flexible use — Funds can be used for anything. | No ongoing income replacement — Payout is one-time only. |
| Optional riders — Some policies cover multiple illnesses or recurring payouts. | Policy exclusions — Pre-existing conditions may not be covered. |
The amount of coverage you need depends on your financial obligations and recovery needs. Consider:
Many financial advisors suggest coverage that matches 2–5 years of income and expected medical costs, depending on your lifestyle and health.
The cost of critical illness insurance varies depending on your age, health, coverage amount, and the illnesses covered. Premiums are usually lower than permanent life insurance but higher than basic term life, since it covers serious medical events.
Critical illness insurance provides peace of mind by ensuring a financial safety net if you face a serious illness.
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