Critical Illness Insurance Policy Options
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Options to Add to Your CI Insurance Policy
While policies will differ from provider to provider, there are many options or additions to your Critical Illness Insurance policy that can be added to your benefit. Here are some examples of what options are commonly offered by many insurance companies.
- First Occurrence
- For those wary that they might not survive the period between diagnosis and payment, First Occurrence would pay benefits upon the diagnosis of the illness.
- Recurrence
- Traditional CI Insurance policies only pay out once, after diagnosis. However, a Recurrence policy would make a payment to the client if a relapse or recurrence occurred.
- Additional Occurrence
- If multiple illnesses are covered by a CI plan, only the first one to be diagnosed will pay out benefits. Under an Additional Occurrence plan, each time a covered illness was contracted, benefits would be paid.
- Spouse and Child Coverage
- This form of policy simply extends coverage past one individual that is purchasing it to multiple family members.
- Covered Conditions
- Changes are being made to the policies that are covered in basic and comprehensive plans. Multiple Sclerosis and Alzheimer’s, because they are difficult to diagnose and define are being dropped by some companies.
- Wellness Benefit
- Aimed at being used as preventative care, it is meant for health screening and tests with an average annual benefit of $50-$75.
- Return of Premium
- New and relatively radical, some policies in the future might return a percentage of premiums paid if individuals never receive benefit payments.
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More Information
This article from Bankrate.com can help you make sure that your Critical Illness Insurance plan is right for you.
