Whats the difference between a critical-illness policy and a disability-income contract?
Under a critical-illness policy, the benefit is a lump sum (for example, $25,000 or $100,000) paid out tax-free upon the diagnosis of a designated illness (such as heart attack, cancer, or stroke). Under disability-income policies, the benefit is paid out as monthly income if you qualify under the definition of “disability” (usually related to your capacity to perform your regular job or other types of work) stipulated in the contract. We suggest you consult the Insurance Shopping Guide which contains a wealth of relevant information I’m interested in critical illness insurance and would like to find out: 1) if there’s an age limit for enrolment; 2) what the approximate premiums are for: (a) a healthy female, 54, homemaker, non-smoker, and (b) a healthy male, 57, employed, smoker. Yes, there is an age limit that applies to health coverage, and it can vary depending on the plan. For instance, the age limit on a 10-year plan is 65. On the other hand, 50 is the maximum enrolment age for p
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