Policies vary from company to company so it is crucial that you read and understand the definitions of the critical illness insurance that you end up purchasing.
In general, critical illnesses include:
- Heart attack
- Heart bypass surgery
- Kidney failure
- Major organ transplant
- Loss of speech
- ALS - aka Lou Gehrig's Disease
- Multiple Sclerosis
- Alzheimer's disease
- Parkinson's disease
- Occupational HIV
Coverage starts the day that your policy is issued. However, for some illnesses there is what's called an exclusion period. This means that if you are diagnosed with an illness during the exclusion period you will not receive the lump-sum payment. Generally the exclusion period is 90 days.
Receiving your lump-sum payment
You will be eligible to receive your lump-sum payment usually 30 days after having one of the covered illnesses diagnosed by a certified medical doctor. This is commonly called the 'survival period'.
For more information about critical illness coverage, see the Kanetix article "Insurance for the living - critical illness insurance increases in popularity" and "Medical advancements mean critical illness insurance more important than ever".
Critical Illness insurance quickguides
The information contained within this article is subject to change. Always speak with your current insurance supplier, or a licensed insurance representative, to answer your specific questions. The information collected and compiled here is intended to simply act as a guide.