In Canada, the basic conditions cover by insurance companies are similar. Some companies offer enhanced coverage.
If you own a critical illness policy then the conditions would be listed in the policy document. If you are trying to decide which policy to choose. I suggest you contact an independent insurance broker to help you decide. If you want to do some basic research on your own many companies have a list of the conditions they cover on their web sites.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
In the U.S., covered medical events in a critical illness plan are plainly listed in each policy. So if you have such a policy, read it carefully and don't buy critical illness in the states until you have first read what it covers because the trigger points vary by company.
Great question! The basic illnesses will be covered by almost all plans, but there are differences from company to company. The conditions under which they are covered and amounts paid out can vary also. I would tell you to look at the policy carefully, and if you don't have it handy, contact the agent or company that sold it to you. They can tell you exactly what is covered by your policy. If you are looking into purchasing one, please shop carefully, or find a trustworthy agent to guide you through the selection process, to find the best fit for your needs. If I can help any further, please contact me, I'd be happy to help.Thanks for asking!
The marketing brochure for the critical illness product you are looking into should clearly state which specific critical conditions are covered under the policy and any situations that might trigger a partial payment under the policy. For example, generally, critical illness policies will at least cover heart attacks, strokes, certain organ transplants and usually cancer. Depending upon the company and the policy it markets there may be other conditions it covers or there may be situations where certain conditions will trigger only a partial payment of the policy's face amount. You should carefully study the marketing materials you are presented, ask for clarifications of how the policy will work in any circumstances you have any questions about and, if possible, you might want to do some comparison shopping. All critical illness policies are not created equal and there coverage, benefit amounts and costs can vary significantly from insurance carrier to insurance carrier.
Critical illness policies are very specific on the afflictions they cover. Every marketing brochure will list each illness and the percentage of claim to be paid for each illness. The six most common are usually covered by all policies and there are many different carriers that add various critical illnesses to the list. I have seen as many as fourteen. Be sure when comparing coverage that it covers as many as possible for the most affordable premiums. Critical illness is a very affordable way to protect yourself in case of a major potentially career ending illness. Especially, if you cannot afford a good long term disability insurance plan.
I am a huge fan of Critical Illness plans (CI). So I'm happy to add to the great comments above.
What is covered is always defined.... yet there are a few "twists to look for". Most CI plans have moved to a "multiple bucket" philosophy. Most cover the "Big Three" critical illnesses: Cancer, Heart Attack, & Stroke. What you have to understand is if the policy is a "One and Done" or a "Multiple Bucket" plan. One and Done means that once the benefit is paid out for one CI, then the policy terminates. Diagnosed with cancer, you get the check, but there is no benefit for hart attack or stroke. A multiple bucket policy usually has a benefit for different categories (buckets of money): Heart/Stroke, Cancer, Other. So you could be diagnosed with cancer & a benefit is paid. Then the stress gives you a heart attack & a benefit is paid. Then after all that, some "other CI" happens and you get a 3rd benefit.
ALSO consider what the definitions are WHEN a benefit is paid. Consider an Organ Transplant benefit. Does it pay upon diagnosis and being added to the national registry or does it pay when the physical transplant is completed? That's a biiiiig timing difference. Also consider the "Carcinoma in Situ" definition and benefit amount. That's when cancer is isolated to one tissue type (general definition). Being smaller & localized, a Carcinoma in Situ is generally "not as dangerous or life threatening". I believe all CI plans with a Carcinoma in Situ benefit pays only a percentage of the full benefit. So if you have a $10,000 cancer bucket, yet it's Carcinoma in Situ, do you get 10 or 25% of the full benefit? Hmmmmm. OR... does the CI plan your agent is offering even have an in Situ??? Most have in Situ benefits. Just double check. If you trigger the in Situ benefit know that you still have the remaining percentage left in case the cancer spreads. Usually called invasive cancer. If you received $2500 out of your $10,000 when it was in Situ, you still have $7500 in your "bucket" in case things get worse.
Look at the riders (additional benefits too). Return of premium upon death (other than a named CI) or return of premium after a named period of time, Mortgage payment, accident benefits, hospital benefits, and children's benefits are riders offered by various carriers. Weigh the cost vs. the benefit based on YOUR specific needs. PLEASE consider coverage for your children. I know that if one of my girls was living in a children's hospital fighting cancer, I'd also live there. The cash injection can be financially life saving.
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If you own a critical illness policy then the conditions would be listed in the policy document. If you are trying to decide which policy to choose. I suggest you contact an independent insurance broker to help you decide. If you want to do some basic research on your own many companies have a list of the conditions they cover on their web sites.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
What is covered is always defined.... yet there are a few "twists to look for". Most CI plans have moved to a "multiple bucket" philosophy. Most cover the "Big Three" critical illnesses: Cancer, Heart Attack, & Stroke. What you have to understand is if the policy is a "One and Done" or a "Multiple Bucket" plan. One and Done means that once the benefit is paid out for one CI, then the policy terminates. Diagnosed with cancer, you get the check, but there is no benefit for hart attack or stroke. A multiple bucket policy usually has a benefit for different categories (buckets of money): Heart/Stroke, Cancer, Other. So you could be diagnosed with cancer & a benefit is paid. Then the stress gives you a heart attack & a benefit is paid. Then after all that, some "other CI" happens and you get a 3rd benefit.
ALSO consider what the definitions are WHEN a benefit is paid. Consider an Organ Transplant benefit. Does it pay upon diagnosis and being added to the national registry or does it pay when the physical transplant is completed? That's a biiiiig timing difference. Also consider the "Carcinoma in Situ" definition and benefit amount. That's when cancer is isolated to one tissue type (general definition). Being smaller & localized, a Carcinoma in Situ is generally "not as dangerous or life threatening". I believe all CI plans with a Carcinoma in Situ benefit pays only a percentage of the full benefit. So if you have a $10,000 cancer bucket, yet it's Carcinoma in Situ, do you get 10 or 25% of the full benefit? Hmmmmm. OR... does the CI plan your agent is offering even have an in Situ??? Most have in Situ benefits. Just double check. If you trigger the in Situ benefit know that you still have the remaining percentage left in case the cancer spreads. Usually called invasive cancer. If you received $2500 out of your $10,000 when it was in Situ, you still have $7500 in your "bucket" in case things get worse.
Look at the riders (additional benefits too). Return of premium upon death (other than a named CI) or return of premium after a named period of time, Mortgage payment, accident benefits, hospital benefits, and children's benefits are riders offered by various carriers. Weigh the cost vs. the benefit based on YOUR specific needs. PLEASE consider coverage for your children. I know that if one of my girls was living in a children's hospital fighting cancer, I'd also live there. The cash injection can be financially life saving.
HOPE all this helped...
-gravy