March 27, 2019

Critical Illness Insurance

When discussing your insurance need with your agent or broker, beside life insurance, critical illness insurance should be considered.

What exactly is Critical Illness Insurance? It is an insurance product, where the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses listed in the insurance policy.

What types of illnesses are covered?

The most common ones are: Cancer, Heart Attack and Stroke.

Let’s first talk about Cancer – Cancer means a definite diagnosis of a tumor characterized by the uncontrolled growth and spread of malignant cells and the invasion of tissue. The diagnosis of cancer must be made by a specialist. The insured person must survive for a minimum number of days (usually 30 days) following the date of diagnosis. The cancer must be life threatening.

Heart Attack – Heart attack means a definite diagnosis of the death of heart muscle due to obstruction of blood flow, that results in a rise and fall of biochemical cardiac markers to levels considered diagnostic of myocardial infarction, with at least one of the following:

  • heart attack symptoms
  • new electrocardiogram (ECG) changes consistent with a heart attack
  • development of new Q waves during or immediately following an intra-arterial cardiac procedure including, but not limited to, coronary angiography and coronary angioplasty.

The diagnosis of heart attack must be made by a specialist. The insured person must survive for a minimum number of days (usually 30 days) following the date of diagnosis.

Stroke – Stroke  means a definite diagnosis of an acute cerebrovascular event caused by intra-cranial thrombosis or haemorrhage, or embolism from an extra-cranial source, with:

  • acute onset of new neurological symptoms, and
  • new objective neurological deficits on clinical examination, persisting for more than 30 days following the date of diagnosis. These new symptoms and deficits must be corroborated by diagnostic imaging testing.

The diagnosis of stroke must be made by a specialist. The insured person must survive for a minimum number of days (usually 30 days) following the date of diagnosis.

Peter

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