Risks are inevitable. In insurance, we talk risks a lot, because we specialize in building the safety net you need to protect against their financial consequences. Here is a guide to this type of coverage.
What is Critical Illness Protection?
You can protect yourself against the financial impact of a serious condition with critical illness insurance. It pays a lump sum benefit upon diagnosis of a covered medical condition. Individuals must typically survive the condition for 30 days to qualify for a claim. The entire amount insured is paid out in a single lump sum, and then the policy expires.
Sample Covered Conditions List
Heart Attack
Cancer
Stroke
Coronary Artery Bypass Surgery
Multiple Sclerosis
Alzheimer’s
Parkinson’s
Motor Neuron Disease (i.e. ALS)
Major Organ Transplant
Renal Kidney Failure
Paralysis
Coma
Blindness
Deafness
Loss of Speech
Severe Burns
Loss of Limbs
Occupational HIV
Benign Brain Tumour
Aortic Surgery
Heart Valve Replacement
Loss of Independent Existence
If you never make a claim on your policy, it may be possible to have all of your premiums returned to you. Return of premium on death and expiry are also available riders. These entitle the policyholder to a full or partial refund of premiums paid, either at death or when the policy is cancelled/matures.
Please reach out if you would like to discuss critical illness insurance or assistance finding a solution that fits your need and budget.