With critical illness insurance, you get a tax-free lump sum if you are found to be suffering from a critical illness or a medical condition during the time period of the policy.
Medical expenses, especially those from a severe or critical illness, can be difficult to predict. And even with health insurance, they can place an unexpected financial burden on the person experiencing them.
Many life insurance policies, such as term life insurance, include critical illness coverage that provides funds to help pay for medical expenses. It gives you the ability to cash in life insurance while still alive if you experience one of the 32 critical health events, among which the most common are as follows:
- Cancer
- Heart attack
- Heart valve replacement
- Kidney failure
- Major organ transplant
- Paralysis
- Stroke
- Sudden cardiac arrest, etc.
WHAT CAN YOU USE THE MONEY FOR?
You can use critical illness coverage to pay for anything you need, including:
- Medical bills
- Co-pays
- Deductibles
- Transportation expenses
- Even non-medical-related services while you heal (such as yard work, child care, pet care, grocery/meal delivery or in-home care)
Life insurance is meant to help you and your family feel confident that they’ll be protected if the unexpected happens. Critical illness coverage allows you to cash in life insurance while still alive for an added layer of protection.
Insure your future today! See how critical illness coverage and term life insurance from Ideal Insurance can help: https://www.insuranceideal.com.cy/insurance-products/life-policies
