Critical Illness Insurance pays a lump sum benefit to the Insured if a serious injury or illness occurs while the policy is in effect. The benefit is paid to the Insured when the serious medical condition occurs and may be used as he or she wishes, providing cash for the extra expenses that develop.
This coverage supplements other insurance and is in addition to other reimbursement expense policies. The product is flexible and may be purchased independently or as part of a more extensive package of insurance benefits. Critical Illness Insurance provides benefits for survivors and their families, as opposed to typical life plans that pay benefits at death.
Core Coverage:
Serious medical conditions covered by the policy may include:
- Heart Attack
- Heart Diseases - coronary artery disease requiring surgery
- Stroke
- Cancer - lump sum payable upon first diagnosis
- Major organ transplant
- Kidney failure - requiring dialysis
- Muscular Dystrophy
- Multiple Sclerosis
- Paralysis
Customer Profile:
Anyone between the age of 18 and 60. Also, businesses, large and small, may provide this coverage to staff or key staff members. Critical Illness Insurance may enhance coverage they have already purchased through a medical health fund.
Distribution:
In many of our markets around the world, we may utilize a variety of distribution channels including brokers, travel agencies, agents, worksite marketing, consultants, and bancassurance.
For method of distribution, this product falls under the following categories:
- Group - Employee/Employer and Associations
- Direct Marketing
- Individual/Other
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