Critical Illness Insurance Living Benefits Center
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Summary of Critical Illness Coverage in U.K.
ISSUE AGES:
Most companies issued from ages 17 through age
70
There are a lot of companies issuing to age 75
MAXIMUM AMOUNT ISSUED:
$1,000,000 [Most companies' maximum is $500,000]
MAJOR DISEASES COVERED:
Heart Attack
Stroke
Cancer - Life threatening [not skin cancer]
Major Organ Transplant
Kidney Failure
Benign Brain Tumor
Coronary Artery Surgery
Angioplasty
HIV/AIDS
Paralysis
Multiple Sclerosis
Paraplegia
Loss of Limbs
Loss of Speech
Loss of Sight
Loss of Hearing
Alzheimer's Disease
Burns
Coma
Degenerative Diseases
Diabetes Mellitus [Insulin Dependent] {few companies]
Loss of Independent Existence
Motor Neuron Disease
Open Heart Surgery
Parkinson's Disease
Total Permanent Disability [own occupation]
{DIFFERENT DEFINITIONS}
[any occupation to which suited by status, education, training and experience]
[any occupation]
[activities of daily living]
RIDERS AVAILABLE:
Death and Terminal Illness
Family Coverage [Spouse and Children]
Spouse Coverage
Children's Coverage
Guaranteed Insurability
Waiver of Premium
Guaranteed Renewability [for term plans]
MAIN EXCLUSIONS:
Self-inflicted Injury, while sane or insane Active
participation in a riot, strike or civil commotion, insurrection, war
or invasion or any act incidental thereto
Aviation, gliding or other form of aerial flight [other than as a fare-paying passenger on a scheduled flight], or motor racing, horse racing or underwater diving operations
Pregnancy or childbirth, unless disability continues for more than three months after termination of the pregnancy
SAMPLE RATES:
Based upon $100,000 benefit for a male age 40 payable
for critical illness, death and own occupational disability and waiver
of premium TEN YEAR TERM
Non-Smoker = $800.00
Smoker = $1,650.00
WHOLE LIFE
Non-Smoker = $1,530.00
Smoker = $2,630.00
UK TYPES OF POLICIES:
Free-standing [with no death cover] made up about 29% of total sales in
1993 Mortgage cover, either level or decreasing, that is tied to a reducing
mortgage schedule
Term, both level premium and increasing premium [i.e., art]
Whole life/Universal life