Catastrophic Illness Insurance

A category of insurance, also known as critical illness insurance, which is used to protect the insured during specified major health situations for a specified time period. The insurance coverage of this type is generally in a lump sum payment and be used fully or partially depending on the conditions of the policy and the health condition. Long-term hospitalization, cancer, and heart attacks may be included in the coverage. Catastrophe insurance may also be utilized as a supplementary coverage for existing health and disability insurance for a beneficiary. Insurance premiums will have lower prices for younger and healthier individuals.

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