About Critical Illness Insurance
If you have life insurance and disability coverage, you probably believe you’ve done all you can to protect your family in case something happens to you. But there may be a strand missing from your personal safety net.
Suppose you suffered a stroke that left you unable to work. Your disability insurance payments do not start until the end of a waiting period. Disability insurance coverage provides a reduced monthly benefit of no more than 70% of pre-disability income and may continue for a limited time.
How do you look after your family’s immediate financial needs? This is where critical illness insurance comes into play.
Coverage typically provides a tax-free, lump-sum benefit in the event of a specified illness. Protection is not comprehensive and may vary from one policy to the next.
Critical illness insurance is not intended to replace disability insurance, but rather to supplement it.
Policies and coverage vary significantly. Conditions and definitions of illnesses must be clear to ensure that you receive the protection you need.
Treatment costs can drain a bank account, as can lost income from either spouse. Critical illness insurance gives you the financial resources to undergo treatment and recover without financial worries.
Request a Free Consultation
*Insurance products provided through Hollis Insurance