Critical Illness Insurance
A serious illness, such as cancer or heart attack, affects 1 in 4 women and 1 in 5 men before retirement age. Critical Illness Insurance, also known as dread disease coverage, is designed to ease the financial pressures by paying a tax-free lump sum if you become seriously ill or totally disabled.
Benefits pay on the diagnosis of certain specified critical illnesses. One
must normally survive at least one month before the policy pays out. The
range of diseases covered has increased to more than 30, though contracts
differ from one company to another. All should cover 7 core conditions.
These are cancer, coronary artery bypass, heart attack, kidney failure,
major organ transplant, multiple sclerosis and stroke. They will also pay
out if a policyholder becomes permanently disabled as a result of injury.
Terms of the policy such as number of years of coverage and
payout options exist. Most providers offer coverage to persons between the
ages of 17-70 and typically there is a waiting period of three months
before you
can make a claim.
Cook & Associatesis is now pleased to offer an opportunity to receive a free quote for Critical Illness Insurance.
Contact us today for more information and a quote with no risk or obligation.