Yes, a stroke or heart attack can trigger a payout in living benefits, depending on the specific policy and insurance provider.
Here's how it typically works:
1. Critical Illness Rider: You purchase a critical illness rider as an add-on to your life insurance policy.
2. Covered Conditions: The rider covers specific critical illnesses, including stroke and heart attack.
3. Severity Requirements: The policy defines the severity of the condition required to trigger a payout. For example, a heart attack might need to be a myocardial infarction (MI) with evidence of damage to the heart muscle.
4. Benefit Amount: If you experience a covered condition, you'll receive a lump-sum payment, typically a percentage of the policy's death benefit (e.g., 25% to 100%).
5. Living Benefits: You can use the payout to cover medical expenses, income replacement, or other living costs while you're still alive.
Some examples of covered conditions and payout amounts include:
- Heart Attack: 25% to 50% of the death benefit
- Stroke: 25% to 50% of the death benefit
- Cancer: 50% to 100% of the death benefit
Keep in mind that specific terms, conditions, and payout amounts vary by insurance provider and policy.
Always review your policy documents and consult with your insurance agent or provider to understand your coverage.
Comments