Why GCII is so important

5 Reasons why Group Critical Illness Insurance is so important...

Individual Critical Illness Insurance Vs.

Individuals applying for Critical Illness Insurance (CII) coverage require medical tests and go through a very stringent underwriting process. After a lengthy process, many applicants receive the unfortunate news that they are not approved for coverage. Others receive medical surcharges or exclusions. Some of the reasons why are: Poor personal or family health history, participation in hazardous sports or occupations and drug or alcohol usage.
An individual is usually declined coverage if the applicant has previously suffered one of the covered conditions.
Individual CII premiums are significantly more expensive than GCII plans. Coverage can be too costly, especially if the policy has medical rating surcharge or if the applicant is over 50 years old. Typically a Smoker will pay twice as much as a non-Smoker.
60 years of age is typical of the maximum age limit to apply for individual CII coverage. Some plans terminate at age 65.
Individuals pay the cost of the policy with their after-tax dollars.

VitalCheque, Group Critical Illness Insurance

VitalCheque will be able to provide protection to many who would otherwise be rated, declined of have exclusions based on their family medical history or other factors. No personal health are required form the group members.
VitalCheque removes the 24 month/ 24 months Pre-existing Medical Condition Provision for large groups of 300 or more lives.
VitalCheque rates are affordable. One blended rate, across all ages and both sexes. There is no difference in the premium rates between smoker and non-smokers.
The workforce age is increasing, and VitalCheque allows for enrollment on employees over the age of 65, some of them might be Key People in the organization. Benefits terminate at age 70.
A socially conscious employer will pay the premium for this important group benefit. The cost is a tax deductible business expense for the Company. The premium paid by the employer is not reportable as a “taxable benefit” by the employee. A claim is paid tax-free to the employee.