Critical Illness vs. Disability Insurance
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Critical Illness vs. Disability Insurance
What is the difference between Critical Illness and Disability Insurance? CI provides a one-time, tax-free, lump sum payment – Good for meeting immediate financial needs as a result of becoming critically ill DI pays out a predetermined MONTHLY income to age 65 - My resources are limited… which one should I get? The younger you are the odds of you becoming disabled are higher then becoming critically ill, so DI would likely suite you best. Consequently, the odds are reversed the older you get and therefore CI may make the most sense! - What if I never submit a claim? You can add what we call an ROP (return of premium rider!) If you never submit a claim, you may be eligible to get up to 100% of your premium back based on the age of the policy.
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