NEXT, GET CRITICAL ILLNESS COVERAGE

You get a one-time lump sum cash payment if you’re diagnosed with major cancers and other illnesses listed by the insurer, like strokes, heart attacks, and Parkinson’s disease.

The amount of money you get is based on the stage of your illness. Some plans only pay out the full sum if your cancer is at an advanced stage, while others promise payouts in full at the early stages – if you pay a higher premium from the outset.

Premiums for this type of plan do not increase once you’ve locked them in, so do it when you’re in good health. If you develop an illness before you get covered, you might not qualify.

Take note: Many critical illness plans do not cover female-related cancers like breast or cervical cancer. Plus, if you get diagnosed with cancer and claim your payout, you’re unlikely to qualify for coverage a second time.