Some things to look for in buying Critical Illness Insurance are the type of illnesses that are covered, whether they will pay 100% or a portion of the benefit, whether you need to survive a certain number of days to collect on it, exclusions based on family history, whether the policy can be paid up in a certain number of years, whether premiums can be returned in a certain number of years, and whether the policy is guaranteed renewable.
Critical Illness policies cover cancer, heart attack, and stroke. Different policies may have different exclusions, underwriting requirements and different % payouts on conditions such as Alzheimer's, major organ transplant, blindness, paralysis, deafness, kidney failure, and/or coronary artery bypass. Whether or not a plan will pay out multiple times or only once is another factor to consider.
The renewability of the policy should not be overlooked, plans can have a set term or terminate at a set age, there are also plans that are renewable for life. The plan I recommend would depend on the age of the applicant, health history, and where the applicant resides as well as what they currently have for health coverage to make sure we fill in any gaps in coverage.
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The renewability of the policy should not be overlooked, plans can have a set term or terminate at a set age, there are also plans that are renewable for life. The plan I recommend would depend on the age of the applicant, health history, and where the applicant resides as well as what they currently have for health coverage to make sure we fill in any gaps in coverage.