Pouria Keshavarzi

Critical illness insurance usually pays a one-time lump-sum payment if you're diagnosed with a life-threatening illness. The lump-sum payment may cover expenses such as daycare or renovations to make your home more accessible. The amount you receive as a benefit will depend on the amount of coverage that you choose. The insurance company usually pays you the benefit after the diagnosis of a condition covered by your policy.

Disability insurance can help protect you and your family from an unexpected illness or accident that leaves you unable to work and earn an income. Generally, disability insurance replaces between 60% and 85% of your regular income. Many employers offer disability insurance. However, you can get your own disability insurance plan through a life and health insurance agent.