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Critical Illness - Coggle Diagram
Critical Illness
Benefits
Payable to policyholder
Standalone
Cover against CI only
Lump sum
Accelerated
Cover against CI or death (whichever first)
Lump sum or installments
Rider benefits
TPD
Children benefits
Tiered benefits
Only portion of benefit is paid
Depends on severity of medical condition
Pre-defined levels of disability
Level or increasing
Periods
Survival period
Standalone only
Assessment Period
Term
Fixed length
i.e. 5 to 25 years
Underwriting
Complex
Extensive
Premiums
Guaranteed or reviewable
Fixed or escalating
Types
Conventional
GRP/IND
Claim definitions
Pre-defined by insurer
Cancer
Heart attack
Kidney Failure
Occurs within contract term
Exclusions