Disability Insurance is paycheck protection in case you can’t work. It can cover up to And Critical Illness Insurance? Disability insurance benefits can pay up to 60% of your compensation tax free and up to 80% taxable if you can deduct the premium as a business expense.
Critical illness covers the cost of the medical bills as stated in the policy. If you purchase a critical illness policy the benefit can range from $5,000 to $50,000.
Disability and critical illness are both morbidity insurance products. Disability insurance generates income instead of your paycheck when you're laid up from injuries or sickness on or off the job. Critical illness is protection against medical expenses incurred due to a dire sickness, generally a protracted or ongoing illness.
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Critical illness covers the cost of the medical bills as stated in the policy. If you purchase a critical illness policy the benefit can range from $5,000 to $50,000.