Posted on: 19-03-10 21:52:03
Hello Members,
I am looking to purchase Critical Insurance Policy (for lifetime), I am wondering if anybody has purchased CI - and has any tips to share
Is it a good idea to spend so much money, in total over $17000 in coverage costs of a $50,000 policy - money back of course, if you don't make a claim.
Thanks for the feedback.
Rakesh
Hi,
I am an insurance broker for more than 5 years now and I have always seen different kinds of buying behaviours from my clients, especially for CI.
For an example, if someone wants to pay $100/month for a CI coverage, he/she would have two main choices,
1 Either he/she gets the maximum coverage available in the above budget.
or
2 He/she would get lesser coverage than option 1 but with return of premiums.
Option 1 is where you pay only the cost and option 2 has an overfunded portion, which gets you back the cost.
By and large all CI policies cover 21/24 illnesses. However more than 80 % of the claims arise from the big 3 illnesses such as Heart attack, stroke and cancer.
You have other options such as ROP on death, ROP on maturity and ROP on surrender to chose from. Plus as you have written, you can decide the tenure of payment, such as 15 years, 2o years or up to age 65. ROP stands for return of premiums.
You can also have options such as more coverage in the most active working part of your life and reduced coverage in the retired phase. As its a living benefit coverage and a bit more conservative in approval/underwriting, I would suggest a thorugh planning in paying the premium and get it when you are able to qualify. If you are still without a life insurance coverage, I would first suggest to go for a Life insurance followed by the CI.
If you are interested, send me a PM with your phone number and I would help you to go further. In any case, the above is written with a pure intention to help you to make a well informed decision. If it is destined, we will meet.
Regards,
VJ.
"By and large all CI policies cover 21/24 illnesses. However more than 80 % of the claims arise from the big 3 illnesses such as Heart attack, stroke and cancer"
Do you mean that CI donot cove the Big three illnessess, Heart attack, stroke and cancer?
If so CI is good only 20%
Is the stroke and heart attack not the same?
Quote:
Originally posted by bangaloredesi
"By and large all CI policies cover 21/24 illnesses. However more than 80 % of the claims arise from the big 3 illnesses such as Heart attack, stroke and cancer"
Do you mean that CI donot cove the Big three illnessess, Heart attack, stroke and cancer?
If so CI is good only 20%
Is the stroke and heart attack not the same?
I meant to say that although all the CI policies cover 21/24 illnesses, the major concern area is from the 3 listed illnesses. If there are 100 claims of criticall illness, more than 80 of them are due to these 3 illnesses.
Well, I am not a medical person but I know for sure that they are different. A stroke occurs, when our brain stops getting the blood flow and one or many sides of our body stops moving. A heart attack occurs, when our heart stops getting the blood flow.
Regards,
VJ
I just took CI (Critical insurance and personal accident) for $ 50,000 and the premium is just $35 per month. IF you wish I shall give the person's name who is working for sunlife insurance. It covers heart attack, stroke and cancer and almost all the illness.
Ofcourse, the premium differs with age. the difference between stroke and heart attack :
http://life.familyeducation.com/emergency/first-aid/48272.html
for any clarification you can get in touch with the following person who is serving with Sunlife Insurance who is very helpful and very happy go lucky person.
GURDEEP PASRICHA
647 339 0142
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The best way to find yourself is to lose yourself in the service of others.”
Mahatma Gandhi
Quote:
Originally posted by ashedfc
Ridiculous blog - Stroke & Heart attack is same.
This shows the ignorance (or lack of information).
This is just an example of how important Critical Insurance coverage is.
Just imagine (for those who don't have, or who do not qualify to get CI coverage), one major illness & all your resources are depleted gradually. Most people use their savings first, & then take loan or line of credit (which is difficult to get approved after being jobless due to cancer, stroke or heart attack, etc). Even the spouse - who is looking after the person is unable to give full attention towards employment, causing even more loss of revenue.
In such a situation, when the assets are gone, debts get piled up. How can a person survive a longer life expectancy (or retirement years). This is mainly because, people are living longer even after a critical illness.
This CI insurance provides you the money required to recover, so your investments, retirement accounts do not get depleted, & you can have a comfortable life style.
I do work as Financial Advisor (licensed for Ontario, Manitoba & Alberta).
If you are in any of these 3 provinces, I may be able to help.
Hi ashedfc,
I did not get you. You mean to say that Heart attack and Stroke is same?
Regards,
VJ.
Hello Friends,
Am thinking of taking critical illness insurance.
I got referral from a family friend for an agent. Although this agent deals with almost all insurance company but is suggesting me to go with Great west life as they have best critical illness policy.
Agent is saying, medicals will be done now and premium will be based on the outcome of medicals. And insurance company wouldn't ask any question if patient is diagnosed and will hand over the cheque and one can go anywhere to get the treatment.
I can decrease coverage in first year, whereas can increase whenever I want and also can cancel whenever I want.
Do you guys have any experience with how critical insurance works and if above statement are true in general, what questions do I ask the agent and what all do I need to check before signing the papers.
Thanks!
