Here are Insurance Policies Many People Ignored Until It’s Too Late

8. Critical Illness Insurance

Also among the “quite unpopular” types of insurance policies is the Critical Illness Insurance. It is similar to a health insurance in some aspects but has coverage that may not be part of a plain health insurance.

Under this type of insurance, the insured person or the policyholder gets a lump sum after being diagnosed with one of the specific diseases determined part of the coverage during the signing of the policy.

In some cases, this type of insurance policy covers critical procedures such as the heart bypass surgery. The policy may require the insured person to survive a specific number of days from when the disease or health condition was first diagnosed to get the lump sum. It is referred to as the survival period.