Benefits and Features

Plan Types

Base Plan – Covers 3 or 4 Critical Illness (Cancer, Stroke, Heart Attack, and Coronary Bypass Surgery)

Enhanced Plan – Covers Base Plan plus remaining covered critical illness (18 – 22 depending on insurance company and policy) see Covered Conditions for a complete list of possible covered conditions.

Coverage Amounts

- Minimum $10,000
- Maximum $2,000,000

Maximum coverage is limited to the sum of all critical illness insurance in-force with any company and is subject to financial needs underwriting guidelines for each company. Typical guidelines limit coverage maximum amounts to 5 or 7 times annual salary.

Issue Ages

- Minimum 18 years
- Maximum 65 years

Children’s Policies are available. Contact your broker for details.

Premium Structure

- Term 10 - Coverage to age 75 with increasing premiums every 10 years.
- Term 75 - Coverage to age 75 with level premiums.
- Term 100 – Coverage to age 100 with level premiums.

Underwriting Classifications

Critical Illness Insurance Premium rates based on:
- Gender - Male and Female
- Smoking Status - Smoker and Non-smoker (to qualify as non-smoker, insured must have used no nicotine or nicotine products in the last 12 months).

Convertibility

- Term 10 coverage can usually be converted to a level premium Term 75 and or Term 100 policy (if available) before insured reaches age 65.
- Term 75 coverage can usually be converted to a level premium Term 100 policy (if available) before the insured reaches age 65.

Return of Premium on Death

If the insured dies while the Critical Illness Insurance Policy is in force without having made a claim for a covered illness, the sum of the premiums paid (up to the full benefit amount) will be returned to the owner of the policy or a designated beneficiary. The premiums repaid usually include the annual policy fee and any extra medical being charged for the coverage.

Return of Premium on Surrender

A supplemental benefit is available to be purchased on all Term 10 and 75 coverages and most Term 100 coverages. If the policy matures (age 75 for Term 10 and Term 75 and age 100 for Term 100) without having paid out a claim for a covered illness, then all premiums paid (up to the full benefit amount) will be returned to the owner of the policy. An early surrender feature applies to some policies where if the insured reaches age 65 and the policy has been in force for at least 10 years, the insured may apply to surrender the policy and receive a portion of the premiums paid to date. For example: if the insured buys a Term 75 Policy with return of premium on surrender benefit at age 55, at age 65, the insured may be able to cancel the policy and receive 75% of the premiums paid over the last 10 years.

Waiver of Premium

A supplemental benefit available at time of issue to insured’s age 55 and less and coverage terminates at age 65. If the insured becomes totally disabled for a period of 4 or 6 consecutive months (depending on the policy) without having made a claim for a covered illness, the insurance company will waive the required premium for the duration of the disability. Some restrictions may apply to this rider so it is advised to discuss with your insurance advisor before purchasing.