Remaining Financially Secure While You Face a Critical Illness
Critical illness insurance provides you with a lump sum payment if you are diagnosed with a covered critical illness.
The physical, emotional and financial strain of having a critical illness can be severe, so this is an insurance coverage well worth considering.
What can I use the lump sum payment for?
You can spend the money on whatever you wish.
To help you make your decision, there are some things you should consider.
Critical Illness Insurance Recommendations
Critical illness insurance is a fairly new insurance product and it provides you with financial support in case you are diagnosed with a critical illness. This insurance is generally owned personally and is funded out of your personal after-tax dollars so the payout is not taxed.
When should I review my critical illness insurance coverage?
You should review your coverage periodically and when your personal discretionary cash flow is available to pay for this type of coverage. The cost of this coverage has steadily increased over the years.
You should consult with your financial advisor for more details about critical illness insurance. If you do not have a financial advisor, we would be happy to recommend one to you.