CRITICAL ILLNESS &
DISABILITY INSURANCE

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CRITICAL ILLNESS

Also known as Catastrophic illness insurance.  In the event of big health emergencies such as cancer, heart attack or stroke, Critical Illness insurance helps you financially.  It pays out cash to help cover the costs that health insurance doesn’t.  It could really be beneficial for those choosing high deductible health insurance plans.  It can be used for nonmedical costs related to the illness as well.  An example would be transportation.  Keep in mind that they only pay out for the conditions listed in the policy.

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DISABILITY INSURANCE

This product replaces part of the income lost by a policyholder if they are unable to continue working due to a disability.  It is only for non-work-related injuries and illnesses.  These plans have an elimination period or “waiting period” before they kick in and have a set amount of time that they pay out benefits.  Monthly benefits are based on your income.  You must meet the conditions of the policy to qualify.  There are short-term and long-term policies to choose from.  According to the Social Security Administration, 1 in 4 20 year olds can expect a disability before reaching retirement age.