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  • Writer's pictureCharlotte Oakley

Critical illness insurance:

Updated: Dec 20, 2023

Critical illness insurance is a type of insurance policy that provides a lump-sum payment to the policyholder in the event that they are diagnosed with a covered critical illness. The purpose of this insurance is to provide financial protection for individuals who may experience significant medical expenses and loss of income due to a serious illness.

Typically, critical illness insurance covers a range of illnesses, including cancer, heart attack, stroke, kidney failure, major organ transplant, and others. The policy may also include additional benefits, such as coverage for outpatient care, rehabilitation, and medical equipment.

The amount of coverage and the premiums for critical illness insurance will depend on several factors, including the age and health status of the policyholder, the type of policy selected, and the specific terms and conditions of the policy.

It is important to carefully review the policy and understand the exclusions and limitations before purchasing critical illness insurance. Policyholders should also consider their overall financial needs and consult with a financial advisor to determine if this type of insurance is a suitable option for their individual circumstances.

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