New question in Life Insurance FAQ

Posted on October 7, 2011 and updated June 11, 2012 in Life Insurance Canada News, Life Insurance FAQ 1 min read

New question in Life Insurance FAQ:

What if the insured person was diagnosed with Cancer after being with the Insurance company for over 3 yrs? Does the insured person can claim the whole amount of the policy he/she have been insured for? And if not how much the insured person can claim at the insurance company in view of this scenario?

No claim can be made on a life insurance until the insured dies. The applicant can apply for a Terminal Illness benenfit – most insurance companies require a letter from the insureds doctor saying he or she has less than 12 months top live. The money is paid out as advance on the death benefit and is generally limited to 50% of the policy face amoun. The maximum terminal illness benenfit usually ranges from $50,000 to $100,000.

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