Critical Illness (CI) insurance provides a lump sum payment to assist with costs associated with a serious illness.
Because CI insurance covers illnesses that has no correlation with neither occupation nor income, there is no related criteria. However, your family history is considered as many of these illnesses are genetic.
CI insurance is a partner to Disability Insurance, not a replacement.
In order to purchase CI insurance, you must already have or be in the process of applying for Life Insurance.
The owner of the policy does not need to be the insured. One example of this would be a corporation owning a policy for their employees.
The Medical Profession is telling us that before age 65, we have a 4-6x more likelihood to be diagnosed with a critical illness than we do of dying.
However, we are also surviving these more and more.
The average amount of time off from a heart attack is 89 days, so Disability Insurance doesn’t kick in.
Cancer most people don’t become sick enough from cancer for disability insurance to apply until they are under treatment. Sickness duyring treatment typically lasts a couple weeks at a time.
80% of CI claims paid is for Cancer.
The cancer society is saying we can expect to see a 50% increase in diagnosis of cancer in the next 20 years.
Children don’t have heart attacks. However, they do get cancer.
We have hospitals dedicated to children because they get sick.