Life & Health Insurance
Critical illness | Long term care | Disability insurance | Term insurance | Health & welfare trust
Critical Illness Insurance is designed to provide assistance to an insured who has been diagnosed with one of a predetermined number of critical illnesses and in some cases survived 30 days.
Critical Illness cover a varied number of illnesses between three (cancer, heart attack, stroke) and 22 (i.e. MS, Alzheimer's, Parkinson's, ALS, blindness, deafness, loss of speech, coma, severe burns, late onset diabetes, loss of independence.)
The benefit is typically payable 30 days after diagnosis according to definitions in the contract. It is thus vital to analyze contracts not only based on number of covered conditions but on the definitions of those conditions.
The funds can be used for anything the insured chooses including accessing US healthcare, paying off mortgage, hiring a nanny and help during treatment etc.
Premium structures vary between 10 year increasing term to level premiums to age 75 and level for life. Most contracts have a built-in provision to refund all paid premiums to the insured's beneficiary in the event of death by any cause.
The insured also often has the choice to pay an extra charge and receive a full refund of all premiums paid at a predetermined point if no claims have occurred.
Most Critical Illness products offer access to the Best Doctors service on all their critical illness products. This service provides the client with access to a service that directs them to the top North American doctors based on their illness and books them in at reduced cost for appropriate treatment