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

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:

• Cancer
• First heart attack
• Coronary Artery Bypass Graft
• Stroke
• Kidney Failure

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.

What the AIG Critical Illness Doesn’t Cover

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:

• Pre-existing conditions such as benign tumors
• Critical illness caused by alcohol and/or drug abuse
• Vestibular (ear) system hypoxia and ischaemic conditions (where a stroke is concerned)
• Medical treatment
• Birth defects
• All skin cancers are excluded, with the exception of invasive malignant melanomas with a clinical TNM classification of T1 (A) or higher, which are covered.
• Carcinoma-in-situ, with the exception of DCIS (ductal carcinoma-in-situ) of the breast, which is covered.

Individual Exclusions

The following individuals are excluded from the AIG Critical Illness Cover:

• Any member of a terrorist organization
• Suppliers of nuclear, chemical, or biological weapons
• Drug traffickers

Activity Exclusions

The following activities are excluded from the AIG Critical Illness Cover:

• Wilful neglect
• Failure to seek professional medical advice or treatment for an insured event
• Self-inflicted injury, suicide, or attempted suicide
• Injury resulting from any criminal or illegal act committed by the policyholder
• Incidents involving driving under the influence of alcohol and/or narcotic drugs (excluding drugs prescribed by a medical doctor)

Exclusions on the AIG Critical Illness Cover are critical because they can result in an unsuccessful claim by the policyholder or beneficiaries.

Advantages of AIG Critical Illness Cover

The AIG Critical Illness Cover has several advantages, including:

• Spouses can be added to the policy regardless of their age, as long as they are permanent South African residents.
• The policy includes a cooling-off period during which AIG will refund any payments made if the policyholder is not completely satisfied with the service.
• The maximum cover amount of R300,000.00 is greater than that of most medical aid policies covering critical illnesses.
• There are no medical checkups required to activate the policy.
• The policy covers five critical illnesses as well as a contagious disease.
• If the policyholder or their spouse is diagnosed with a covered critical illness, a lump sum payment is made.
• The plan is reasonably priced.

Disadvantages of AIG Critical Illness Cover

The AIG Critical Illness Cover has some disadvantages, including:

• The lump sum payment is only made 28 days after the initial diagnosis, which can be a very long time for some critical illnesses.
• The policy has a 90-day initial waiting period, which is excessive for a critical illness policy in South Africa.
• The product is only available to those who are employed, whereas most critical illness products in South Africa do not require policyholders to be employed.

AIG critical illness application

To apply for the AIG Critical Illness Cover, the following requirements must be met:

• The main member must be between the ages of 18 and 55 at the time of application, and must be a permanent South African resident.
• The spouse can be added regardless of their age, as long as they are also permanent South African residents.
• The policyholder must be employed at the time of application.
• The policyholder must have no prior diagnosis of any of the critical illnesses covered under the policy.

Conclusion

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.