Is Critical Illness Insurance Renewable?
Critical illness insurance is typically not renewable in the traditional sense. When you purchase a critical illness policy, you are usually covered for a specific term or until a specified age. If you are diagnosed with a covered illness during the term, you will receive a lump-sum benefit; however, your coverage ends after the benefit is paid out.
Some policies may offer options for renewal or conversion to a permanent policy, but this can vary significantly between insurance providers. It's essential to read the terms and conditions carefully.
Furthermore, many insurers offer coverage for a limited period, and once this period expires, you may need to reapply for a new policy. This process could involve undergoing additional medical underwriting, and your eligibility may be affected by your health status at the time of reapplication.
It's advisable to consult with your insurance agent or financial advisor to understand the specific terms of your policy. They can help clarify whether your critical illness insurance can be renewed or what options might be available should you want to continue your coverage after the initial term.