Term Life Insurance with Critical Illness
A handful of life insurance companies offer level term policies with a critical illness rider built into the contract which can provide the policyowner with cash in the event of a heart attack, stroke, cancer, kidney failure, and organ transplant. If a physician certifies the insured has a qualifying critical illness within the last twelve months the policyowner (which is typically the proposed insured) can accelerate the death benefit and use the money however they want.
Most life insurance policies have a terminal illness rider which allows the policyowner to accelerate part of the death benefit if a physician certifies the insured’s life expectancy to be 24 months or less. It is more common for people to incur a critical illness than a terminal illness, a lot more people have heart attacks, strokes, cancer, kidney failure, and are expected to live more than two years. The new type of term life insurance with critical illness built into the policy allows for the policyowner to take advantage of the contract while the insured is still alive in the event of a qualifying illness.
If you are in the market for life insurance and would like to learn more about which companies offer term life insurance policies with critical illness built into the contract, you can reach out and speak with a life insurance expert on the Pacific Insurance Group team by calling their Bellevue Washington office directly at 425-246-4222 or visit https://www.pacificinsurancegroup.com/