Critical illness insurance provides you with a host of standard features so you can be confident that your plan provides quality protection to help alleviate financial stress in the case of a critical illness. This insurance product a one-time, lump-sum benefit if you’re diagnosed with a critical illness as defined in the policy, and you satisfy the survival period. You choose the type and amount of coverage and the options you need. You decide how to spend the money.
Coverage for the 3 most commonly claimed critical conditions (with the option to add coverage for an additional 21 or 22 critical conditions). The plan includes the following features:
- Heart Attack
- Life-Threatening Cancer
Coverage from $10,000 to $1 million for personal protection and from $10,000 to $2 million for business protection (total personal and business coverage cannot exceed $2 million). A supplementary benefit for certain non-life threatening conditions (10% of the benefit amount, to a maximum of $25,000).
You have a choice of choice of level or decreasing coverage:
- Level coverage – the benefit amount remains the same throughout the coverage period. You choose the coverage period: to age 65; to your age 75; or for your lifetime.
- Decreasing coverage – the benefit amount decreases at the end of each year until the end of the coverage period. You can use this type of coverage to help pay off a mortgage or other loans – it’s less expensive than level coverage and is available for coverage periods of 10, 15, 20 or 25 years.