Critical Illness Insurance
Between the ages of 25 and 65 the chances of an individual suffering a critical illness such as heart attack, stroke or cancer are nearly 1 in 2. Although medical insurance should cover much of the actual cost of care, such an illness can have a devastating effect on a business, especially if the person suffering the critical illness is a partner or key person.
Naturally the business would want to try to continue to compensate the individual so as not to add to their worries and financial strain. Critical Illness Insurance provides a cash benefit up to $500,000 payable if an insured experiences cancer, coma, heart attack, kidney failure, loss of hearing, loss of sight, loss of speech, major organ transplant, paralysis, severe burn or stroke.
Critical illness insurance is an extra layer of protection against financial loss that can be the difference in an individual surviving with dignity. Critical illness insurance can actually make sure the business doesn't become "critically ill" or disabled along with the key person.
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