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Critical Illness Insurance

Main Features

  • Critical illness insurance provides for a lump-sum payment, while the insured person is still alive, following diagnosis of any of the critical illnesses specified in the contract.
  • The following are the most commonly covered critical illnesses and surgical procedures:
    • Heart attacks, strokes, heart surgery, cancer, kidney failure, organ transplants, paralysis, multiple sclerosis, blindness, deafness, coma, Parkinson’s disease, and Alzheimer’s disease.
  • If no benefits have been paid or if the death is due to another cause, premiums may be refunded upon contract maturity.
  • Critical illness insurance may be sold on its own or combined with other types of life and health insurance, or sold as part of a product that combines a lump-sum payment in the event of a critical illness with the payment of a sum upon death. In this case, the amount of the benefit paid upon diagnosis of the critical illness is deducted from the sum paid upon death, as the case may be.

Major Advantages

  • Critical illness insurance enables insured persons to enjoy insurance benefits during their lifetime.
  • Insured persons are free to use the lump-sum payment as they see fit.
  • This kind of coverage helps insured persons maintain a certain quality of life by providing them the means to meet the many needs associated with critical illness, notably
    • Drop in income due to reduced working capacity
    • Early retirement
    • Specialized medical care
    • Childcare
    • Company management replacement
    • Vacation time to recover
    • Home refitting
    • Other

Warning: The above text is of general nature and is intended for explanatory purpose only. Each of the products described above has its own specific features. Moreover, only the product contracts contain the complete terms and conditions as well as restrictions and exclusions to which they are subject.