The schedule of insured illnesses varies between insurance policies, so make sure you know what illnesses are covered.
The “survival period” also varies between insurance companies. 30 days and 28 days are the most common survival periods but some companies have adopted a 14 day survival period.
Insurance companies insist that the diagnosis of a qualifying critical illness must be made by a physician who specialises in that illness or condition.
The risks covered by Critical Illness Insurance are
significant. For example: · In America, about 1.3 million
new
cancer cases are diagnosed each year, every 29 seconds
someone suffers a coronary event and every 45 seconds
someone suffers a stroke. (Sources: American Heart
Association, Heart and Stroke Statistical Update 2003; and
American Cancer Society, Cancer Facts and Figures 2003.) ·
In Canada, more people will experience a critical illness
before they reach 75, than will die before that age.
(Source: Munich Re, 2000) · In the United Kingdom, 1 in 5 men and
1 in 6 women will experience a critical illness before their
normal retirement age. (Source: Munich Re, 2003)
Though relatively new to the North American marketplace, critical illness insurance is growing in popularity.
In the UK, Critical Illness Insurance is a well established form of insurance and is frequently purchased in conjunction with a life insurance policy. The sale of all insurance in the UK is regulated by the Financial Services Authority.