While we are living longer, we are still getting ill. This is not life insurance. The benefit is only paid if you live. Of the several companies offering this coverage, the qualification for benefit is that the insured must survive at least 30 days after diagnosis of the covered condition, however, some insurance companies have a longer waiting period for some illnesses. Qualification for benefit is not based on inability to work.
Covered persons collect the full amount of coverage even if they make a full recovery.
There is generally a full refund of premiums paid if a covered person dies and no benefit has been paid. The coverage is offered in different forms such as 10 year renewable or level coverage to a specific age. One insurance company offers this coverage in small amounts in the form of group insurance benefits for employees. Not all insurance companies cover the same illnesses. If you have had any of the above illnesses, you are ineligible for critical illness coverage.