Canada Life is now offering a campaign where 16- to 40-year-olds can insure themselves against serious illnesses by asking just two questions about their health. The serious illness insurance, better known as dread disease insurance, pays out the insured sum tax-free once if a serious illness occurs. With the Canada Life policy, this is up to 75,000 euros. In this way, insured persons can bridge the time when they can no longer work due to their serious illness, relax in peace and – as far as possible – get well again.
When does the insurance pay?
The number of insured illnesses has continued to rise in recent years. Canada Life is currently paying out the sum insured for 55 illnesses. These include organ failure, diseases of the central nervous system, cardiovascular diseases, inflammations such as meningitis or encephalitis and tumours, with the insurance paying for both cancer and benign brain and back tumours. Other illnesses and the consequences of accidents such as occupational hepatitis C, loss of speech, hearing or vision, loss of limbs, severe burns or head injuries and coma are also insured. The exact definition of a disease can be found in the contract conditions.
In addition, there is an additional module that protects another 25 clinical pictures. Canada Life pays a maximum of 25,000 euros for this. The “extended catalog of illnesses” includes the loss of a hand or foot, eye infarction or severe visual impairment or blindness in one eye, spinal cord inflammation, severe Crohn’s disease, type 1 diabetes and schizophrenia.
health questions
In contrast to occupational disability insurance, where musculoskeletal disorders and mental illnesses play a major role in the application, dread disease insurance only covers serious illnesses. For example, 16- to 40-year-olds who want to take part in the Canada Life campaign must answer the following two questions about their health:
• “Have you been diagnosed with a heart disease, for example heart failure (cardiac insufficiency), heart attack, coronary artery disease, heart defect, a stroke or any type of cancer (benign or malignant neoplasm, leukemia) in the last five years?”
• “Are you or have you had any permanent (chronic) diseases or permanent (chronic) infections, for example diabetes, multiple sclerosis, impaired renal function, hepatitis B/C or HIV in the last five years?”
In addition, questions are asked about height, weight and smoking habits. Smokers have to pay higher premiums.