Options for customizing your critical illness insurance policy
- Critical illness insurance is available in 2 forms:
- Basic: covers heart attack, stroke and cancer only
- Comprehensive: coverage covers heart attack, stroke and cancer, as well as up to 21 other illnesses
- Return of premium on death: all premiums are refunded to the beneficiary if the insured dies. Return of premium on death is a standard feature of most critical illness insurance plans.
- Return of premium on maturity: all premiums (including the cost of this option) are refunded to you at the end of the plan.
- Waiver of premium: if you are disabled and unable to earn an income, the insurance company will waive your premiums after 6 months so you do not lose your critical illness insurance on account of disability.
- Payment schedule options:
- 10 year renewable term (renewable to age 75): premiums are level for 10 years, then you have the option to renew the plan for another 10 years. You can keep renewing your
policy every 10 years until age 75, but the premiums will be higher upon each renewal.
- Level term to age 75: the premiums are level and guaranteed to age 75
- Level term to age 100: the premiums are level and guaranteed to age 100