Compare your Group Critical Illness Insurance vs Individual Non-Cancelable CI Coverage

Important areas to consider	Group	Individual
Benefit amount	Ranges from $10K – $250K	Ranges from $10K – $2 Million
Underwriting	NEM’s up to $100K, medically underwritten above NEM’s	Medically and financially underwritten
Covered Conditions	3 or 4 base, ~23 w/ enhanced coverage	3 base, ~26 w/ enhanced coverage
Flexibility	Extremely limited.  ER decides	Tailored to meet individual needs ie. return of premium, decreasing benefit, second event, graded premiums, etc.
Ownership of plan	Owned by the company, you’re the “certificate” holder	Owned by the individual
Deductibility of premiums	Employer can deduct premiums	An incorporated business can deduct premiums for individual coverage
Premiums	Renewable type contract.  Premiums are not guaranteed.  Annually renewed based on demographics and volume of the group	Non-Cancellable contract.  Premiums are guaranteed never to change for the lifetime of the contract
Contract	Renewable type contract. Not guaranteed.	Non-Cancellable contract.  Guaranteed never to change, unless requested by owner, up to age 65
Taxability	Benefits are received tax-free	Benefits received are tax-free
Supplementary Benefit	None	15% of benefit amount up to $50K for listed conditions
Portability	No.  Coverage is lost when insured leaves that employer/association	Yes, fully portable.  Stays with owner for life of the contract
Waiting Period	30 day survival, 90 day Paralysis & LOIE	30 day survival, 90 day Bacterial Meningitis, LOIE, Paralysis, 180 day Loss of Speech
Dependent Coverage	Available under covered ee – $10K spouse, $5K child	Only available as individual contract