Critical Illness

Pearline · by **Pearline** » 24 Jul 2010, 21:10

Do you think that critical illness insurance is a good investment?

This is a type of insurance that pays you, if you have a heart attack or are diagnosed with cancer. If one does not suffer or die from certain illnesses, then one's beneficiary is given the premiums that have previously been paid to the insurance company.
Let me clarify my words. By "investment," I don't mean that I will make money from having the insurance. But I mean, is it a good way to spend my money. Or is it a waste of money?

Christoper · by **Christoper** » 24 Jul 2010, 21:10

It isn't a bad deal. Suppose you do die from cancer?

But you might do better to buy life ins, that pays for just aboutanything you might die from.

When I worked in Insurance, we called these "submarine accident in Kansas policies."
The chances of being in a submarine accident in Kansas is soooo remote...
With limited policies like this, you must ask "is it a good deal, " and , if so, for who?

I am not saying, "Don't buy it." but you can be insurance-poor.

Xuan · by **Xuan** » 24 Jul 2010, 21:10

Do we pay tax on a Life Insurance insurance payment received as my wife has a critical illness?

I don't think we do, but not sure.

Joslyn · by **Joslyn** » 24 Jul 2010, 21:10

I'm sorry to hear about your wife's illness. To get an answer that pertains to you with a defensible opinion, talk to a tax professional.

Generally, as long as she passes within two years of the payment, this is not taxable. If her death comes slower, it usually is. Please contact a tax professional to have them review your situation and give an opinion you can take to the IRS.

Yes, it's sad they would tax you for living too long, but ain't that the government?

Margarette · by **Margarette** » 24 Jul 2010, 21:10

Is it possible to find Life insurance with a cancer/critical illness rider?

Or maybe 2 seperate policies, but I would like to buy them online?

Mercedes · by **Mercedes** » 24 Jul 2010, 21:10

Lifeinsurance.awardspace.info - try this one. I have their insurance and, as remember, they can provide such a service.

Kisha · by **Kisha** » 24 Jul 2010, 21:10

Has anyone ever used or benefited from ctitical illness insurance through Great-West Life insurance? I am thinking of getting it, I am a health male 38 year old in Canada?

Latosha · by **Latosha** » 24 Jul 2010, 21:10

I have seen several people benefit from this insurance (as I work at an insurance company that sells this product). It's not just covering you against ONE critical illness though. Often times it covers many critical illnesses. Let's say you have a critical illness policy that covers heart attacks, cancer and stroke...

If you have a heart attack, the lump sum benefit is paid out for the heart attack. Then the heart attack portion of the policy is void. You can't claim on the policy again if you have another heart attack. However, your policy is still in force so if 10 years later, you get cancer, another benefit is paid out.

It's really not a necessary coverage (then again, there's A LOT of insurance that isn't necessary)... but I have seen a lot of people benefit from it. Health insurance definitely won't always cover all of the expenses incurred from any of these illnesses.

Alysha · by **Alysha** » 24 Jul 2010, 21:10

Has a cancer sufferer had their mortgage paid off with critical illness cover, and then lived? Has a cancer sufferer had their mortgage paid off with critical illness cover, and then lived?

Irvin · by **Irvin** » 24 Jul 2010, 21:10

Cancer insurance does not require that the policy owner dies in order to receive benefits. So, unlike life insurance, the policy owner can live and receive the benefits.

That being said there is no way that the cancer sufferer had a mortgage paid off unless the mortgage was $10,000. or less.

Many cancer insurance policies have fixed dollar limits. For example, a policy might pay only up to $1,500 for surgery costs or $1,000 for radiation therapy, or it may have fixed payments such as $50 or $100 for each day in the hospital. Others limit total benefits to a fixed amount such as $5,000 or $10,000.

Many policies contain time limits. Some policies require waiting periods of 30 days or even several months before you are covered. Others stop paying benefits after a fixed period of two or three years.

Critical Illness

Do You Think That Critical Illness Insurance Is A Good...

Do we pay tax on a Life Insurance insurance payment...

Is it possible to find Life insurance with a...

Has anyone heard of critical illness insurance?

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