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 |