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Disability  •  Life  •  Annuities  •  Long Term Care  •  Critical illness 

Critical Illness

If faced with a serious health threat, a critical illness policy can help to ease a financial burden. If you have a life-threatening illness severe enough to prevent you from working, the money from a critical illness policy can be used to pay medical bills and even some costs not covered by medical insurance. While the insurance premiums are not tax-deductible, the insurance proceeds come to you tax-free. Critical illness can cover two dozen or more health circumstances. Nearly all policies cover most forms of cancer, heart attacks and strokes, renal failure, multiple sclerosis, and operations such as heart bypass surgery and major organ transplants. The tax-free lump sum comes to you within 30 days of a diagnosis of a life-threatening disease.

This type of insurance is much different from disability insurance. Critical Illness does not usually require a “waiting period” like disability insurance does (i.e. 90 days, 180 days, etc.). It simply requires a diagnosis of one of the covered illnesses. Upon verification of the diagnosis, a lump sum tax free benefit between $100,000 and $2 million is paid to the insured.