Critical Illness Insurance
Problems
- Usually only last for a 10-20 year term
- Doesn't include many serious diseases
- Provable damage has to occur (not mere diagnosis)
- Partial disability usually won't get you a benefit
- You may squander your lump sum
- Not available to people over 60-65 (those most likely to collect)
Benefits
- Excellent value if you need it
- Can include most catastrophic events
- You don’t have to be employed or have wages to qualify
- Most people can use it
- Include features of both disability and life insurance features
- Pays out a lump sum up front
- You don’t have to die to be paid
- Don’t have to be disabled to collect
- The money can be used however you please
- Get a single payment within 30 days your illness
- The payout is nontaxable
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