Is Critical Illness Insurance Worth Having?

  1. 180 POINTS
    James E. Tome
    A critical illness policy pays a lump sum, anywhere from $4,000.00 to $500,000.00, in the event you were to have a critical illness. Examples, heart attack, stroke, cancer, major organ failure, loss of sight, hearing or speech, loss of 2 ADL's. "Activities of Daily Living", such as bathing, eating, transferring, dressing, toileting, & continence. Some policies also include coronary artery by pass, usually at a reduced benefit level. In the event you were to fall victim to one of these maladies, the bills do not stop because you cannot work. The likelihood is that you would survive. I know of other policies, that offer a "ROP" or Return of Premium. In the event you never get to use the insurance, all premiums are paid to the estate. So really there is no risk for the client.
    Answered on June 20, 2013
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  2. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    I have known people who have collected on Critical Illness Insurance who have definitely felt that it was worth having. When you are diagnosed with a life threatening illness, the strain on you and your loved ones is enormous. Being handed a lump sum of money at this time is a silver lining that they say has a tremendous positive effect.
    Answered on September 3, 2013
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