Critical Illness Insurance
You are 10 times more likely to develop a Critical Illness than you are to die prior to age 65, so if you own Life Insurance, shouldn’t you also consider how a Critical Illness Insurance policy might fit into your insurance & financial plan?
Critical Illness Insurance pays a lump sum benefit after the diagnosis and survival of one of the covered conditions in the contract. The typical survival period required for payment is 30 days.
- Heart Attack
- Cancer
- Stroke
- Bypass Surgery
- Alzheimer’s Disease
- Parkinson’s Disease
- Multiple Sclerosis
- Kidney Failure
- Aortic Surgery
- Benign Brain Tumour
- Blindness
- Coma
- Deafness
- Heart Valve Replacement
- Loss of Limbs
- Loss of Speech
- Major Organ Transplantation
- Major Organ Transplantation Waiting List
- Motor Neuron Disease (ALS – Lou Gehrig’s Disease)
- Occupational HIV injury
- Paralysis
- Severe Burns
- Coronary Angioplasty
- Ductal Carcinoma in Situ of the Breast
- Early Stage Prostate Cancer
Note: Some Critical Illness policies does not cover all of these conditions.
The idea of Critical Illness Insurance was originally thought of by world famous heart surgeon, Dr. Marius Barnard, of South Africa. Dr. Barnard realized that after he had saved his patients’ lives medically, his patients struggled financially in the months of recovery after surgery. He lobbied insurance companies to create a product that pays a lump sum benefit based on the diagnosis of a serious illness, and Critical Illness Insurance was born.
The money received is provided to you on a tax-free basis and you are able to use the proceeds as you please. The most common uses are:
- Reduce financial stress allowing you to focus on recovery.
- Pay down debts (mortgage, line of credit, credit card).
- Pay for lifestyle expenses (regular monthly bills) – top up your disability insurance benefits.
- Pay for your partner to take time off from work to help with the recovery process.
The benefit truly allows you to focus your full attention on recovery – both physically and emotionally – so that you don’t have to worry about your immediate financial obligations.
Buying Critical Illness Insurance
- Buy an amount at least equal to your annual income.
- Return of Premium is an additional feature that returns 100% of your premiums at a specified future date when you don’t have a claim.
- Some coverage is better than no coverage. If the premium is too high – reduce the coverage amount to fit your budget.
- Be patient with the underwriting process (this is one of the most difficult insurance products to be approved for).
Best Doctors – included with every policy
Best Doctors is a world renowned network of the best medical specialists in the world. They are available for you to access at your discretion if you are experiencing a medical condition (symptoms or diagnosis) that you would like to receive additional information about. The Consultation phase of Best Doctors will confirm your diagnosis and offer alternative treatment options where applicable.
Insurance products are provided through PPI Solutions.