Critical Illness Insurance covers you in case you become ill and you are diagnosed with the illness listed in this insurance policy. This policy would be very benefical if you become very ill because you can receive a lump sum cash payment . In some cases the policy could be structured to pay out regular income if you undergo a surgical procedure.

This policy may require that you must survivie a minimum number of days from the time when your illness was diagnosed. The survival period is usually 28 to 30 days.

You should read the fine lines in your policy to understand what illnesses your policy covers. The most common conditions would be: blindness, deafness, kidney failure, heart attack, multiple sclerosis, cancer, parkinson’s, major organ transplant, paralysis of limb, terminal illness, etc….

The finances received from this policy during a Critical Illness is usually used to: pay off debt, replace lost income, pay for recuperation aids, pay for costs of the care and treatment.

It would be financially wise to purchase a Critical Illness policy in conjuction with a Life Insurance policy. If you have not purchased a Critical Illness Policy you should consider talking to your insurance company.