Most of the critical illness health insurance-based policies will fall into this category. In this model, the covered critical illnesses with be divided into either two or three different buckets.
Then you have a policy that provides separate benefits for cancer, distinct benefits for heart attack and stroke, and benefits for critical illnesses. In my opinion, this is the best design for a health insurance-based critical illness insurance policy.
If you have had cancer, you can buy a policy that includes heart attack and stroke and critical illness benefits. If you have had a heart attack or stroke, you can buy a policy that consists of the cancer benefits plus critical illness benefits.
Let us look at one of the critical policies that I can offer. In this policy, you could receive a full benefit for a cancer diagnosis, another full benefit for a heart attack, and a third full benefit for a covered critical illness.
You can also include a recurrence benefit that would pay 50% of the original amount. For example, if you have a $50,000 initial benefit, you could receive an additional $25,000 for a recurrence.
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