What is Critical Illness?
Critical Illness insurance is a relatively new form of protection
that provides money while you are still alive. It has tremendous
flexibility if you become critically ill because there are no
requirements for how you spend the lump sum amount of money that
you receive. You don't have to obtain approval for expenditures,
you don't have to provide any receipts, and you don't even have
to spend the money on medical expenses.
Critical Illness insurance provides you with a lump-sum payment
to be used however you see fit. If you want to try alternative
therapies, be treated in France, hire someone to take care of
you, or you want to hire a nanny to take care of your children...
you choose how to spend your money.
If you die while the policy is in force, your beneficiary usually
receives a refund of 100% of the premiums that you paid into your
Critical Illness policy. This is a common feature in most policies.
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