This is a fixed amount which is used to meet the cost of burial expense for the insured member:
- Payment is within 48 working hours of proof of death and production of Identification.
- No medical examination is required for this cover, but a waiting period of between 3 months and six months can be included to ensure that people join the scheme when they are in good health.
Many countries define critical illness differently. In Kenya critical illness has been defined to include; Cancer, Heart attack, Coronary artery bypass surgery, Stroke, Renal Failure, Aorta Surgery, Replacement of heart valve, Paraplegia, Blindness, Major Organ transplant.
- Payment of a critical illness is made on first diagnosis subject to opinion of more that on Doctor for the client and the insurance company’s side.
- The purpose of a critical illness payment is to enable the client obtain remedy in time before the situation becomes un-manageable.
- The amount of cover is usually a fraction of the death benefit up to a maximum of 30% but may also have a limit say 2 million, 3 million etc.
- Critical illness is insured only once in a lifetime, after first diagnosis, no critical illness insurance cover is required since the policy does not cover pre existing conditions.
- The client is therefore required to declare the existence of a critical illness at the time of insurance
What is a job loss? Job Loss means you are collecting Employment Insurance benefits because of involuntary lay-off (Retrenchment).
- This is usually a short term measure and is meant to help employee recover from the financial impact of a lay off.
- Retrenchment cover is only given after six months of insurance and the notice must have also been given to the ministry of labor six months before employees are laid off.