What to Look For in Critical Illness Insurance

Here is a guide to assist you in doing your homework for obtaining an appropriate plan.

 

Keep a few things in mind: There are many features and benefits available, and they will vary greatly within the industry. You will also notice that the cost varies greatly. Truly, in this business you get what you pay for.

 

Critical Illness Conditions Covered

 

Basic plans offer coverage for heart attack, cancer, and stroke. More advanced plans may offer additional conditions, such as:

 

Alzheimer's Disease	Aplastic Anaemia
Aortic Surgery	Bacterial Meningitis
Benign Brain Tumour	Blindness
Coma	Coronary Artery Bypass
Deafness	Heart Attack
Heart Valve Replacement	Life-Threatening Cancer
Kidney Failure	Loss of Independent Existence
Loss of Limbs	Loss of Speech
Major Organ Transplant	Motor Neuron Disease
Multiple Sclerosis	Occupational HIV Infection
Paralysis	Parkinson's Disease
Severe Burns	Stroke

 

Deciding which coverage is necessary is entirely up to your risk threshold. It is similar to deciding whether or not you need comprehensive collision coverage for your vehicle or if liability insurance is sufficient.

 

Coverage Amounts and Types

 

Plan types are designed to fit all needs and budgets:

• 10 or 20 year terms
  Shorter terms are available for lower budgets and short-term needs (such as a mortgage or loan). Keep in mind that the shorter the term, the more expensive the renewals become. If you plan to keep this plan for more than 20 years, then this is not for you.
• Level Coverage to age 65, 75 or 100
  Premiums and benefit amount are guaranteed to remain the same for the defined age is attained. These plans are more expensive, but offer a much superior cost-effective solution over the long term.
• Coverage from $25,000 to $2,000,000
  This amount sets the lump sum amount you would receive if you become entitled to receive the critical illness insurance benefit.

Look for an Illness Assist Benefit

 

Some plans provide this very valuable benefit. It will pay out a lesser lump sum if you get an illness which is highly probable yet not life-threatening. Here are some condition examples:

• Ductal Breast Cancer
• Early Prostate Cancer
• Superficial Malignant Melanoma
• HIV Related Cancer
• Coronary Angioplasty

You receive a lump sum benefit of up to $25,000 if you obtain a written diagnosis for one of these forms of illness.

 

Surgery Advance Benefit

Provides you with an advance of up to $15,000 on the critical illness benefit if you are diagnosed with a critical illness as defined in the policy and require surgery as a result of the critical illness.

 

Second Event Coverage

 

This is truly a unique feature and as of the writing of this document (May, 2005), there is only one insurance carrier that provides this benefit. Basically, this benefit provides you with a limited amount of critical illness coverage for one of two critical illnesses if you receive a critical illness benefit for Heart Attack, Life-Threatening Cancer or Stroke before your 65th birthday. If the first claim was for Heart Attack or Stroke, second event coverage will be provided for Life-Threatening Cancer. If the first claim was for Life-Threatening Cancer, second event coverage will be provided for Heart Attack. Contact us for more details.

 

Getting Your Money Back!

 

Some plans offer the ability to return some or all of the premiums paid for the policy if you don't suffer a critical illness. Wouldn't it be nice if car insurance were the same way?!

• Premium Payback at Death
  Eligible premium is returned in full if you die from any cause.
• Premium Payback at Expiry
  Eligible premiums is returned on the policy expiry date if the policy is maintained.
• Premium Payback at Withdrawal Request
  Full and partial withdrawals are available on each of the option dates.

Providing more than a claim cheque

 

Coping physically, emotionally, and financially with a critical illness or condition is just part of the picture. You may also need information to help make important decisions about your treatment. Best Doctors, Inc. is your link to information that may assist you in making informed health care decisions.

 

If you are insured under a policy and are diagnosed with a critical illness or condition named in the policy, you may contact Best Doctors, Inc. You will be provided with the contact number for Best Doctors when you submit a claim. Best Doctors will link you and your physician to the following services:

• InterConsultation
  Your link to second opinions and treatment options from specialists in your illness or condition.
• FindBestDoc
  Your link to more than 50,000 specialists in Canada and around the world who are recognized as experts by their peers.
• FindBestCare
  Your link to medical centres of excellence throughout the U.S.
• VIP Concierge
  Your link to multilingual treatment assistance services outside Canada, including hospital admittance, travel and lodging and patient inquiries. 

 

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Why do I need critical illness insurance?

 

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