Critical illness insurance provides a lump sum payment if you are diagnosed with a life-threatening illness covered by the policy (e.g., cancer, heart attack, stroke).
- Example:
Cancer Coverage: If you are diagnosed with cancer, critical illness insurance could provide a lump sum payment, which you can use to cover treatment costs, pay off debts, or cover living expenses while you take time off work to focus on recovery.- Heart Attack or Stroke Coverage: If you suffer a major heart attack or stroke, the insurance payout can help with the medical costs not covered by regular health insurance or to cover lost income during your recovery period.
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