Why Critical Illness Insurance Matters?
Critical illness insurance is a crucial financial safety net designed to provide support when diagnosed with severe health conditions. This type of insurance offers a tax-free lump-sum payment that can be utilized for various expenses, alleviating the financial burden during a challenging time. This guide outlines the essential aspects of critical illness insurance , detailing its coverage, differences from other insurance types, and the factors influencing premiums. Understanding Critical Illness Insurance Critical illness insurance is structured to pay a one-time benefit upon the diagnosis of specific serious illnesses. Unlike life insurance, which pays out only upon death, critical illness insurance provides funds while you are still alive. The payout is tax-free, allowing policyholders to allocate the funds for medical expenses, household bills, or lifestyle adjustments necessary for recovery. Coverage Details The scope of coverage can differ significantly among policies, making it...