Category

Disability

Critical Illness

Availability

Health, Occupation, Job & Income

Health Condition & History

Coverage Period

Ends at age 65

Variable, to 75 and longer

Benefit

Monthly, paid over a specified period, in some cases for life

Lump Sum, paid 30 days after diagnosis

Tax payable

Tax-free if premium paid by individual, taxable if paid by employer

Tax-free

When benifit paid

Inability to work, definition of work may vary with policy wording allowing for different levels of coverage

Diagnosis of any one of several specified conditions

Level of Benefit

Related to income, maximum of 75% at time of claim

Linked to income, $100K to $150K regardless of income. Maximum of 5 times income plus outstanding mortgage

Partial benefits

Available with some policies

None, only total benefit ever paid

Inflation protection, retirement saving protection, etc.

Available for extra premium

Not Available

Child protection rider

Not Available

Available

Minimum/maximum benefit

From nothing to very high, depending on benefit payment period

All or nothing

Multiple benefit periods

Available

None. Policy terminates with claim

Availability of premium refund

Partially, with extra premium if benefits not triggered

All paid back if policy expires or death occurs without claim

Claim difficulty

Sometimes when extent of disability in dispute

Less likely since disability never an issue in claim, only diagnosis of disease

Elimination period

Varies: 0, 30, 60, 90, 180, 360, 720 days common, premiums vary with wait period

Benefit paid after 30 days. If death occurs prior, premiums are refunded

Premium

Varies with occupational class

The same for all