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Chapter 6: CI Insurance - Coggle Diagram
Chapter 6: CI Insurance
Income replacement
Cost and care of treatment
Features
AKA dread disease policy
Lump sum benefit in event of
diagnosis of critical illness
Can be sold as optional rider to
whole life, endowment, term, or ILP
Limit on total cover with one insurer (eg. 3million)
24-hr worldwide coverage
CI Framework
Set up in consultation with MAS
Followed by LIA and GIA
member companies
Purpose
Balance interests of consumers
and insurance companies
Standardisation of practices
Policies
Insurers must adopt 90 day waiting period
Scope
Variations
Early Pay
Pays at earlier stages of CI
Advantages
Claim more than once
Coverage continues
after claim
More illnesses covered
multipay
Traditional
Covers only
severe critical illnesses
Adequacy of coverage
Termination
Valid claim has been made
Maximum coverage allowed is paidz
Life insured dies