Are there any types of insurance coverage available to take care of sudden illness or incapacity?

There are 2 types of insurance available. First we have Critical Illness Insurance which covers certain illnesses and pays a tax free lump sum payment to the holder if they survive the diagnosis for 30 days. These illnesses, of which there are 22, include heart attack, stroke, HIV, Parkinson’s disease, kidney failure, Alzheimer’s disease, organ transplant.

The Second Type of Policy is called Long Term Care Insurance. This will provide you with monies up to $300 per day, tax free to cover the costs of your care either in your home or a facility for periods of a few months or a lifetime. You must be between the ages of 18 and 80 to apply. If you purchase this type of policy, try to reduce the premium as much as possible by taking the longest elimination period you can afford. Remember also to include inflation protection in your policy.