While most people know about the importance of life insurance, many are now learning the benefits of having a relatively new Critical Illness Insurance, which is also phrased as the "Living Benefit" protection.
Critical Illness Insurance is a type of health insurance that provides a lump-sum benefit, should you become diagnosed with one of the insured conditions listed in the policy. The benefit amount is usually payable 30 days after surviving the diagnosis. Most companies' coverage varies from 4 up to 20 plus types of critical illness conditions.
The advances in today's medical technology have improved our chances of survival after being diagnosed with a serious illness. Critical Illness Insurance is now gaining popularity and becoming an integrated part of any insurance portfolio. A lump-sum payment after you become seriously ill will help sustain your ability to maintain your lifestyle and, most importantly, protect your assets and finances.