Critical illness Insurance is the best type of Insurance out there that you can purchase in case you are diagnosed with an illness that may be terminal, life long disability, stroke or heart attack.
This Insurance gives you the money pretty much as soon as the diagnosis is made. Of course, there is a waiting period of approximately 120 days, but that may differ depending on the type of coverage and the Company providing the insurance. This is great news that a life insurance company will help you through the worst time of your life. This money is given to you in a lump sum, or on a monthly payment plan. The funds are given and can be used for whatever you need or want at this time of your life. There are 30 covered illnesses that are included in the critical illness insurance plan.
Listed below are a few covered under a Critical illness Plan
Major organ transplant
Major Organ Failure
This type of insurance gives those people the funds to get the excellent care they deserve. Sometimes, it just comes down to a second opinion by a licensed doctor in another Country that can assist you. Critical illness insurance gives you the money do what you have to do if someone is very ill.
- Cash to cover medical bills
- Replacement for lost income
- Worldwide coverage
- 24/7 support
Eligibility differs from one insurer to another, along with slightly different benefits. One great benefit is being able to convert the coverage after you are 60 years of age to a long term care insurance policy. This would offer you a weekly benefit. The benefit is calculated by the total maximum amount of the policy.
The long term care insurance policy weekly benefit amount is calculated by dividing the critical illness insurance amount being converted by 200. If your limit is $200,000, the total amount is divided by 200, giving you a weekly benefit of $1,000 per week.
If you receive work benefits, check and see how this type of insurance can also help quickly. Employers are starting to allow their employees to choose their own benefits, as many cannot wait for 120 days to get help with their income.
If you are interested in learning more about this type of insurance, visit the life insurance page of insurancemarket.ae and we would be happy to sit down with you and explain all the details of the insurance.