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Critical Illness Insurance

What is Critical Illness Insurance?

Critical illness insurance helps lighten the financial burden when recovering from a serious illness, such as cancer, stroke, or heart disease. Critical illness insurance provides a tax-free lump-sum cash payment, which gives you Space to Breathe and allows you to focus on your recovery.

Cove Critical Illness Insurance -What Are the Benefits

What are the Benefits of Critical Illness Insurance?

Recovering from a critical illness comes with a significant financial cost that impacts you and your close ones. When you receive your critical illness benefits, you have the flexibility to use the tax-free lump-sum payment to pay off what you want, such as medical expenses, childcare, a mortgage, or debt. Although critical illness insurance may be offered by your employer, the coverage ends when you leave or change jobs. Getting an independent critical illness insurance plan provides you the most comprehensive, stable, and reliable coverage that’s tailored to your needs.

How Does Critical Illness Insurance Work?

Critical illness benefits are not dependent on your ability to work – if your condition is covered, then you will receive a lump-sum payment. Depending on your coverage, your premium and benefits will vary. Once you file a claim when you’re diagnosed with a critical illness and it’s approved, you will receive a one-time payment, which you can use for any of your financial obligations.

Cove Critical Illness Insurance - How Does it Work

Critical Illness Insurance 101

What is covered by critical illness insurance?
  • There are 24 covered conditions that are covered under a standard critical illness insurance policy. The 24 conditions are:
    • Cancer (life threatening)
    • Heart attack
    • Stroke
    • Coronary Artery Bypass Surgery
    • Dementia (including Alzheimer’s)
    • Parkinson’s
    • Motor neuron disease
    • Multiple sclerosis
    • Occupational HIV infection
    • Paralysis
    • Server burns
    • Kidney failure
    • Aortic surgery
    • Aplastic anemia
    • Bacterial meningitis
    • Benign brain tumour
    • Blindness
    • Coma
    • Deafness
    • Heart valve replacement or repair
    • Loss of limbs
    • Loss of speech
    • Major organ failure (or on wait list)
    • Major organ transplant
How long does it take to get a critical illness payout?

It can be very quick or it can take some time based on the situation and circumstances. For example, someone can make a claim within the first year of having the policy and the insurance provider wants to make sure that the condition did not exist when the individual applied for the policy. The individual would receive a cheque if the claim was approved based on the evidence provided. This claim could take months but would be paid with interest. Someone else could be diagnosed with cancer after having the policy for years and the claim would be paid out in a matter of weeks.

What is the difference between critical illness insurance and life insurance?

Critical Illness insurance pays out once a critical illness is diagnosed. The condition does not have to be terminal, and the benefit is paid out during the life of the insured person. Life insurance, on the other hand, pays out when a person dies of any cause.