Relevance & Diversification among Critical Illness Insurance Plans

Sunday, March 1st, 2009  |  Our Thought Leadership Research

A Critical Illness (CI) policy is an important risk management tool which provides a cash payout in the event one is diagnosed with a critical illness. However, the claim is only payable if the insured fulfills any of the CI definitions stated in the policy. This paper seeks to understand the 37 critical illnesses defined in the insurance policies and evaluates the need to have more than one CI policy in order to fully cover the entire range of critical illnesses. It includes an analysis on the plans offered by a selection of insurers and our recommendations to how one can obtain comprehensive CI coverage.