A critical illness is often called a dread disease, which are generally categorized as the below four primary human health conditions:
(1) Cancer
(2) Stroke
(3) Heart Attack
Although those life-threatening illnesses are included in common health insurance plan, their usual exorbitant treatment expenses will quickly outstrip what a family's medical insurance policy can cover.
A critical illness insurance can pay the treatment expenses in a much wider scale. Besides, the money an insured receives can also be used for non-medical expenses that are related to the illness, including transportations, child care, and other financial needs of the family.
For your reference, National Life Group has an indexed universal life product, called Living Life by Design, offers a well financial protection to critical illness patients and their family. Covered critical illnesses include:
With "Living Life by Design", the benefits an insured will receive takes into consideration four different categories dependent on the severity of the illness: Minor, Moderate, Severe, and Life Threatening. The highest payout will result from the Life Threatening category. And, generally, the rider needs to be in force for 30 days priors to diagnosis in order to accelerate. There is no annual limit, but there is a lifetime limit on the amount of benefits an insured can receive across all Accelerated Benefits Riders (riders for the living benefits provision).
[last updated on 12/19/2020 at 11:20 am ET]
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