Critical Illness insurance typically covers for life threatening illness or conditions such as heart attack, stroke, and cancer among others. If the insured qualifies for the benefit, they can use the lump sum benefit payment for any purpose they choose:
- Loss of income
- Childcare expenses
- Transportation costs for themselves or family members, or any other financial need
Benefit amounts are typically available up to $25,000 as stand-alone or part of a group benefit plan.
