A critical injury is defined as an injury that has a serious nature of which may:
(1) place a life in jeopardy,
(2) produce unconsciousness,
(3) result in substantial loss of blood,
(4) involve the fracture of a leg or an arm but not a finger or a toe,
(5) involve the amputation of a leg, an arm, a hand, or a foot, but not a finger or a toe,
(6) consist of burns to a major part of the body, or
(7) cause the loss of sight in an eye.
Commonly, the off-work critical injuries may be covered by accident and death insurance (AD&D), while on-work critical injuries may be covered by workers' compensation depending on the employers. However, the benefits have limitations to either the definition of the injuries or the amount paid.
Fortunately, National Life Group is the only insurance company that offers life insurance policies that covers the critical injury. With its Accelerated Benefits Riders, the insured can claim the benefits 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).
Covered critical injuries include:
Coma
Paralysis
Severe Burns
Traumatic Bran Injury
[last updated on 12/19/2020 at 01:20 pm ET]
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