Newlyweds: Critical Illness Insurance Planning

Critical illness insurance is a life insurance policy with special riders that pay you when you are diagnosed with heart attack, stroke, life threatening cancer, permanent disability, loss of independence, etc. Many people have health insurance, but no way to pay the bills when they are injured. Regular life insurance will only pay you if there is a death. Critical illness coverage:

• Can insure your non wage earning spouse to compensate for loss of their services
• Cost around 1/3 of a regular disability policy
• Doesn't require you to die or be disabled to collect
• Has no elimination period, as with a disability contract
• Has a nontaxable payout
• Doesn't require you to be employed or have wages to qualify
• Pays out a lump sum up front, usually within 30 days your illness
• Won't cancel out other disability policy benefits
• Can cover you during your working years
• Pays you based on what you are ill from

• Getting at least two quotes from an Independent Agent
• Locking in level premiums
• Giving the agent an accurate assesment of your health
• Buying as much as you need now, since you won't be getting any younger
• Paying your premiums annually
• Avoiding single disease policies