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Critical Illness insurance is protection that provides money while you are still alive. It is designed to protect you, your family and your business in the event of a critical illness and assist with your physical and financial recovery. It ensures you maintain a quality of life and promotes independent living. The lump sum benefit in most cases is provided after 30 days of the diagnosis of one of a number of covered critical illnesses. The issue ages for a critical illness insurance contract are between the ages of 18 to 65.
Depending on the insurance company, the following is a list of covered conditions:
Cancer
Heart attack
Stroke
Coronary Artery Bypass
Multiple Sclerosis
Parkinson’s
Major Organ Transplant
Paralysis
Coma
Alzheimer’s
Renal (Kidney) Failure
Blindness
Loss of Speech
Loss of Limbs
Deafness
Severe Burns
Occupational HIV
Benign brain tumor
Aortic Surgery
Loss of Independent Existence
Motor Neuron Disease (Including ALS)
Heart Valve Replacement
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There is some insurance companies that now cover the serious effects caused by the following infectious diseases.
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West Nile Virus
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Lyme Disease
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E.coli infection
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Necrotizing fasciitis
If the insured is diagnosed with a serious complication(s) caused by one of these infectious diseases, 10% of the sum insured will be paid as a cash advance (up to a maximum of $25,000).
Like any other insurance contract, you may add riders to your critical illness insurance contract as well. The following is a list of riders available.
Waiver of Premium – if the owner of the contract becomes totally disabled for a certain amount of period, the insurance company will waive any premium payments. The disability usually has to occur before the owner’s 60th birthday.
Return of Premium on Death – if the owner dies and has never claimed a benefit, the premiums that have been paid for the coverage will be returned.
Return of Premium on Expiry – if your coverage expires and the policy holder has never claimed a benefit, you can get your premiums back for that coverage.
Child Critical Illness – this rider provides payment of the benefit when the child is diagnosed with (and survives the initial waiting period for) any childhood illnesses such as: cancer, blindness, kidney failure, loss of speech, cerebral palsy, major organ transplant recipient, major organ transplant waiting list, muscular dystrophy, deafness, congenital heart conditions, cystic fibrosis, deafness, and down’s syndrome.**
**(critical illnesses will vary for each insurance company)
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