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Purchasers checklist

  1. Home Purchasers checklist

What should I consider before buying?

Buyers ChecklistA high-quality critical-illness policy is the sum of a number of elements listed here for individual policies and group policies.

If you are unsure about a definition, term or characteristic, please contact us and we will be happy to explain.


Issue and approval: Best to undergo medical to eliminate uncertainty at claim time. Ideal to have medical questions asked and recorded by an Underwriter, with transcript inserted in policy at issue.
Plan benefit structure: Plan should be renewable and convertible or level and permanent.
General exclusions: few as possible exclusions and/or restrictions.
Scope of coverage: Most comprehensive covered conditions with broadest protection available.
Covered conditions: Most number of covered conditions available, including Occupational HIV when applicable.
Definitions of conditions: Wording must be legally and medically sound to prevent any ambiguity and reduce or eliminate chances of dispute at claim time. A definitive diagnosis should be the only requirement necessary for satisfying a condition. Lifestyle restrictions, degree of disability or ability to work should not be required.
Qualifying period: Any covered condition requiring more than the normal 30 day survival period requirement should have the shortest qualifying period possible.
Moratorium period: Should only apply to Cancer and coverage should not be terminated if Cancer is diagnosed within initial 90 day period.
Convertibility: A renewable or level plan should have an option to convert to a permanent plan.
Named Beneficiary: A named beneficiary should be permitted for ROP (Return of Premium) at Death, instead of simply the Insured’s Estate.
Policy Ownership: Any third party with an insurable interest should be able to be owner, including a Corporation.
Return of Premium on Death or Expiry: The refund under these options should include any modal loadings and/or ratings.
Choice of Payment Options: Should provide a variety of premium payment options, such as: Annual, Semi-Annual and Monthly Pre-Authorized Debit.
Contractual Guarantees: The contract, policy, should fully guarantee the premiums and benefits, and the right to cancel the policy should be solely in the hands of the Insured, providing premiums are paid.
Track Record: The Insurance Company should have experience with Critical Illness Insurance and be financially stable and solvent.

Issue and approval: Guaranteed issue without any medical requirements.
Plan benefit structure: Should be a stand alone benefit and approval should not be conditionally tied to mandatory acceptance of other benefits.
Pre-existing conditions: Reduce or eliminate pre- existing conditions from usual 24/24 months.
First Occurrence Limitation: Reduce or eliminate first occurrence limitation restriction from usual 5 years.
General exclusions: Few as possible exclusions and/or restrictions.
Level of benefits: No restrictions based on income.
Scope of coverage: Most comprehensive covered conditions with broadest protection available.
Covered conditions: Most number of covered conditions available, including Occupational HIV.
Definitions of conditions: Wording must be legally and medically sound to prevent ambiguity and reduce or eliminate chances of dispute at claim time. A definitive diagnosis should be the only requirement necessary for satisfying a condition. Lifestyle restrictions, degree of disability or ability to work should not be required.
Qualifying period: Any covered condition requiring more than the normal 30 day survival period requirement should have the shortest qualifying period possible.
Moratorium period: Should only apply to Cancer and coverage should not be terminated if Cancer is diagnosed within initial 90 day period.
Claim assessment: The criteria for determining that a covered condition occurred should be reasonable and not necessarily limited to a single method or procedure.
Portability: Coverage should be portable if an employee changes employers or in the event of retirement.
Voluntary/Optional coverage: Voluntary or optional coverage should be available for the employee, employee’s spouse and dependent children.