What is Critical Illness Insurance?

Critical Illness Insurance at a Glance...

Critical Illness Insurance provides a lump-sum benefit to you, after the diagnosis of a critical illness insured condition, giving independence to make meaningful decisions about their physical and financial recovery and protect their standard of living. The benefit may be used in any manner a client chooses.

Why Sell Critical Illness Insurance?
With advances in medical science improving the chances of survival after the diagnosis of a serious illness, there is a heightened need for insurance benefits designed to help protect an individual’s lifestyle after the onset of a critical illness.

Critical Illness Insurance is a perfect complement to income replacement coverage. It can be used to cover additional expenses that may be faced if your client suffers from a severe injury, or catastrophic illness such as cancer, heart attack or stroke. Income replacement, on the other hand, is designed to protect everyday living expenses.

How do Critical Illness Insurance Policies work?

  • Benefit amounts of $25,000 to $2 million
  • Benefit is paid on diagnosis of a covered condition
  • Client must survive 30 days (some exceptions)
  • The lump sum can be used however the client chooses

Coverage Types:

Primary or Basic
– An economical solution offering coverage to age 65 for Heart Attack, Cancer, Stroke, and Coronary Bypass.

Level premium to 75 – Coverage that offers protection into your clients’ retirement years (age 75) for 18 – 24 covered conditions, with premiums that never change.

Renewable or Term
– 10 year or 20 year – There are two Renewable coverage options for you to choose from; 10-year and 20-year Renewable. Both the 10-year and 20-year options offer protection into your clients' retirement years (age 75) for 18 – 24 covered conditions with premiums that increase as clients age. 10-year and 20-year Renewable contracts are convertible to Level or Permanent coverage after issue.

Permanent or T100 – Protection for life for 18 – 24 covered conditions, with premiums that never change and end at age 100.

Covered Conditions*
Alzheimer’s Disease, Aortic Surgery, Aplastic Anaemia, Bacterial Meningitis, Benign Brain Tumour, Blindness, Coma, Deafness, Heart Valve Replacement, Kidney Failure, Loss of Limbs, Loss of Speech, Loss of Independent Existence, Major Organ Transplant Recipient, Major  Organ Transplant Waiting List, Motor Neuron Disease (ALS or Lou Gehrig’s Disease), Multiple Sclerosis, Occupational HIV Injury, Paralysis, Parkinson’s Disease, Sever Burns

*covered conditions & definitions vary by insurance company

Plan Features & Options*
Included: Early Intervention Benefit, Recovery Benefit, Surgical Benefit, Riders: Return of Premium on Death, Return of Premium on Expiry or Surrender, Second Event Rider, Waiver of Premium, Child coverage

*features and options vary by company