CRITICAL ILLNESS INSURANCE

Critical Illness Insurance is classified as a living benefit, or insurance that you will use for while living, not passing away. It pays a lump sum benefit to the owner of the policy if they become ill with one or more of up to 25 illnesses including heart attack, stroke, cancer, and coronary bypass surgery.

Critical illness policies also have a return of premium rider that can in effect; make the policy a forced savings plan.

Premiums paid out are returned to the owner, but it does drastically increase the cost of the insurance.

The list of covered illnesses depends on the insurance carrier. It is available, like life insurance, in 10 year terms, as well as level premiums to age 65, 75, and 100.

Click here to see a complete list of possible covered illnesses.