The AIG Critical Illness Cover is a dread disease cover that ranges between R50,000.00 to R300,000.00. The primary insured can add a spouse to the critical illness cover if the primary insured is between the ages of 18 and 55.
In the event of an insured incident, the AIG Critical Illness Cover pays a lump sum. However, the AIG Critical Illness Cover comes with a number of exclusions that the policyholder should be aware of, which are discussed further below.
AIG’s lump sum payout can be used however the beneficiary sees fit. A claim, however, is not paid out immediately; instead, a 28-day waiting period applies.
From the first day of diagnosis, the insured must live with a critical illness or contagious disease for 28 days. If the critical illness continues, AIG will pay out.
The AIG Critical Illness Cover covers a variety of critical illnesses; however, coverage is limited to one critical illness from a list. Below, we go over what the AIG Critical Illness Cover covers.
The AIG Critical Illness Cover covers five critical illnesses as well as a contagious disease. The coverage is for the first diagnosis of one of the critical illnesses or a contagious disease covered.
The following critical illnesses are covered:
Coverage for these critical illnesses starts at R50,000.00 and can go up to R300,000.00. A spouse can be added to the primary member’s AIG Critical Illness Coverage.
The main member is only eligible for coverage if they are between the ages of 18 and 55. A spouse, on the other hand, can be added regardless of age, so there is no age restriction for a spouse.
The coverage is diagnosis-limited, which means it will end if the policyholder is diagnosed with a critical illness. Their spouse receives their own policy and is designated as the primary policyholder when the main member exits the policy. If a spouse files a claim, the policy will only cover the primary member going forward.
When the primary member reaches the age of 75, the AIG Critical Illness Coverage expires. The cover, however, can still be canceled at any time. Members can take advantage of AIG’s 31-day cooling-off period, during which the primary member is refunded if they are dissatisfied.
The AIG Critical Illness Cover includes a list of incidents and acts that are not covered by the policy. These policy exclusions are outlined below.
The AIG Critical Illness Coverage has some exclusions. Exclusions include those related to health, certain activities, and specific individuals. The exclusions that the Critical illnesses come with are listed below:
The following individuals are excluded from the AIG Critical Illness Cover:
The following activities are excluded from the AIG Critical Illness Cover:
Exclusions on the AIG Critical Illness Cover are critical because they can result in an unsuccessful claim by the policyholder or beneficiaries.
The AIG Critical Illness Cover has several advantages, including:
The AIG Critical Illness Cover has some disadvantages, including:
To apply for the AIG Critical Illness Cover, the following requirements must be met:
In conclusion, the AIG Critical Illness Cover is an effective way to supplement your medical insurance by providing comprehensive coverage for critical illnesses. The policy provides a lump sum payout that can be useful when a medical aid budget has been depleted. However, the waiting period on the AIG Critical Illness Cover of 90 days is too long, which is the biggest setback. Nonetheless, because the product is long-term insurance, the chances of being diagnosed with a critical illness during the waiting period are low.
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