12 Apr Critical Illness and Life Insurance Policies Boca Raton Insurance
What You Should Know About Critical Illness and Life Insurance Policies
In most cases, it’s just good sense to have life insurance in place in the event that the inevitable should happen. This can be particularly true when it comes to someone who’s been diagnosed with a critical illness or a terminal disease. Here’s the least you should know about life insurance in case you or someone you may know is faced with this life alternating event.
What is Critical Illness Insurance? Can You Get Critical Illness Insurance in Boca Raton, FL?
Critical Illness Insurance is also known as Dread Disease policy, Trauma Insurance, Serious Illness Insurance and Living Assurance. These policies can be obtained individually but can also be something offered through and employer.
In most states you must be either related to or must have an insurable interest on an individual to be eligible for taking out life insurance on an individual. So your neighbor would not be included, unless your neighbor is your caretaker. This is where it gets sticky and there needs to be a will in place along with a beneficiary appointed.
Pay attention to the policies and the illnesses that are covered. Most times back pain and things like musculoskeletal issues are not covered. There are some cases where rare types of cancers may not be covered as well. However, on the opposite side of the spectrum, certain permanent disabilities may be included.
Every insurance company is different. What’s covered under each state is different. But in most policies you can use this long-term policy to pay off debt, pay your rent, or pay for renovations on your home if needed.
The older you get, the more expensive your insurance will become. Every ten years, premiums are reviewed and revised. These policies can be adjusted based on your health.
It’s extremely important to have a clear understanding of these types of policies. You need to know what you’re paying for in the event that there’s a need to take out payment. You can get this payment given to you in whole if your doctor has given you an evaluation that is related to trauma or a terminal illness.
By having these types of living assurances in place and completely understanding the policies set in place you’re ahead of the game. Your loved ones will need to be informed of what’s included in your benefits. It’s best to have an agent advise and explain the benefits in full since these policies can be tricky.