Types of Diseases Covered By Life Insurance

Chronic Diseases

70% of people over 65 will need assisted care.

How to qualify:

This disease must have been certified by a doctor, within the last 12 months, where you could not perform two of the six activities of daily living for a period of at least 90 consecutive days without assistance or that you present a cognitive impairment.

Activities of daily life are: Bathing, dressing, eating, continence, going to the bathroom, moving alone.

Generally, the policy needs to be in force for a period of two years. There is an annual limit on the amount of benefits you can receive. There is also a lifetime limit on the amount of benefits you can receive from coverage on all accelerated benefits.

What You Need:

Keep in mind that you do not have to be in a situation authorized to receive payments and that you can apply for benefits every 12 months. Benefits can be used for any reason (with a state exception) and do not need to be used for medical expenses.

  • Accelerate portions of your death benefits each year to receive benefit payments.
  • Leave the payment rule established for your beneficiary.

Payments of compensation in life or additional protection:

An additional clause can provide you with the payment of the compensation in life and improve your basic coverage, for example:

  • Accidental death clause
  • Exemption clause of the premium payment.
  • Disability income clause (accident, accident and illness)
  • Term insurance clause for children.

Critical illnesses or injuries

Which ones qualify?:

  • ALS {Lou Gehrig’s disease}
  • Graft surgery in the Aorta.
  • aplastic anemia.
  • Blindness
  • Cancer.
  • Cystic fibrosis.
  • Renal insufficiency .
  • Heart attack.
  • Replacement of the heart valve.
  • Transplant of a major organ.
  • Sudden cardiac arrest.
  • Vascular brain attack
  • Motor neuron disease.

 

Chronic diseases included:

  • Eat
  • Paralysis
  • Severe burns
  • Traumatic brain damage

Receiving your benefits:

  • The discount benefit received for illness or critical injury takes into consideration four different categories that depend on the severity of the disease: minor, severe, moderate, threat of loss of life.
  • In general, the user must be in force 30 days before the diagnosis in order to accelerate the benefit. There is no annual limit, but there is a lifetime limit on the amount of benefits you can receive from all choices made for accelerated benefits.

What you need:

Choose anyone you need:

  • Request a full acceleration or a discount base and use the lump sum as you wish.
  • Choose to leave a portion of the death benefit of the policy intact and receive a partial benefit.
  • Choose to leave the entire policy intact for your beneficiaries.

Terminal disease:

Who's eligible?

Generally, if you have been diagnosed with a terminal illness that can result in death within 24 months, with certification of the disease by your doctor.

Receiving Benefits:

The payment of the benefit will be the lump sum. There is no waiting period or annual benefit limit, but there is a lifetime limit on the amount of benefits you can receive through accelerated benefits acquired.

What you need:

Choose anyone you need:

  • Request a full acceleration or a discount base and use the lump sum as you wish.
  • Choose to leave a portion of the death benefit of the policy intact and receive a partial benefit.
  • Choose to leave the entire policy intact for your beneficiaries.