Critical Illness Insurance
If you become unable to work due to a serious illness, it can result in significant income loss and expenses.
That’s why we recommend getting Critical Illness Insurance, so you can continue to pay your monthly bills even if you’re unable to work.
The application for critical illness insurance takes only about 15 minutes to complete.
Information regarding the insurance
What type of insurance is this?
Critical Illness Insurance covers costs if you are diagnosed with any of the diseases covered by the insurance. 25 diseases or conditions are covered by the insurance and they are divided into five categories.If benefits are paid out from one category that category will no longer be covered but the other four categories will still be in effect. Children of the insured are also covered by the insurance policy from the age of 3 months until the age of 18. The insurance will either pay out full benefits, equal to the total insurance amount or partial benefits, equal to 25% of the total insurance amount. Full benefits for a child are equal to 50% of the insurance amount and partial child benefits equal 25% of the amount.
What is covered? | What is not covered? |
|---|---|
| CATEGORY 1 – CANCER | |
| The insurance policy pays full benefits for: | The insurance does not cover: |
Cancer. | Premalignant, non-invasive tumors. (See partial benefits). |
Bone marrow transplants. | Bone marrow transplants if another cure is available. |
| CATEGORY 2 – CARDIOVASCULAR DISEASE | |
| The insurance policy pays full benefits for: | CATEGORY 2 – CARDIOVASCULAR DISEASE |
Heart attacks. | |
Coronary bypass surgery. | |
Heart valve surgery. | |
Aorta surgery. | |
Strokes showing symptoms after three months. | |
End stage kidney failure. | |
Heart- and kidney transplants. | |
| The insurance policy does not cover: | |
Strokes, if symptoms have lasted for one month. | Heart attacks within 14 days from a coronary angioplasty. |
Coronary angioplasty. | |
Transcatheter mitral valve repair. | |
Aorta surgery following an accident. | |
Strokes, if the symptoms last less than three months (see partial benefits). | |
Reversible kidney failure. | |
Heart- and kidney transplants if another cure is available. | |
| CATEGORY 3 – NERVOUS AND DEGENERATIVE DISEASES | |
| The insurance policy pays full benefits for: | CATEGORY 3 – NERVOUS AND DEGENERATIVE DISEASES |
Serious head injuries. | |
Benign brain tumors. | |
MS-disease. | |
MND disease. | |
Alzheimer‘s disease before the age of 60. | |
Paralysis of two limbs. | |
Coma. | |
Permanent loss of speech. | |
Irreversible loss of vision. | |
Irreversible and permanent loss of hearing. | |
| The insurance policy pays partial benefits for: | The insurance policy does not cover: |
Severe loss of vision where the field of vision measures 6/60 or less. | Self-inflicted head injuries. |
Pituitary gland tumors. | |
Unconfirmed evidence MS-disease. | |
Post-polio syndrome. | |
Dementia due to mental illness. | |
Paralysis of one limb. | |
Self-inflicted loss of consciousness. | |
Loss of speech due to psychological disorders. | |
Loss of vision measuring less than 30/60. (See partial benefits) | |
Temporary loss of hearing. | |
| CATEGORY 4 – SPECIFIC EVENTS | |
| The insurance policy pays full benefits for: | CATEGORY 4 – SPECIFIC EVENTS |
Organ transplants, for example of liver or lungs, hand or foot. | |
Third-degree burns. | |
Loss of two limbs. | |
| The insurance policy pays partial benefits for: | The insurance policy does not cover: |
Loss of one limb. | Organ transplants, if another cure is. available. |
Self-inflicted burn injuries. | |
Self-inflicted loss of limbs. | |
| CATEGORY 5 – INFECTIONS | |
| The insurance policy pays full benefits for: | CATEGORY 5 – INFECTIONS |
Bacterial meningitis. | |
HIV infection from a blood transfusion. | |
HIV infection from employment in countries in the EEA, Switzerland, and the UK. | |
HIV infection from an assault. | |
| The insurance policy does not cover: | |
Non-bacterial meningitis. | |
HIV infection due to drug use. | |
HIV infection from employment in countries other than those listed in the column on the left. | |
HIV infection from an assault outside Iceland. | |
Any limitations on what the insurance covers?
The insured party must survive at least thirty days after the insurance event was confirmed.
The insurance policy does not cover cancers or MS diseases diagnosed within 30 days of the insurance policy taking effect.
Where is the insurance valid?
The insurance policy is valid anywhere in the world unless otherwise specified for individual benefit components.
What responsibilities do I have?
You must report any damage as soon as possible and no later than one year from the date of the damage.
You must ensure that all the information in the insurance policy is accurate.
You must inform us of any changes in your address, telephone number, and email address.
You must follow all the precautions in the terms of the insurance policy.
When and how do I pay the premium?
The premium must be paid on the due date. When the insurance policy is issued or renewed an electronic claim is created in your online bank. You have the option to distribute the premium payments by:
Credit card payment, where the premium is charged monthly to a credit or debit card.
Direct payment, where your bank account is debited monthly.
Corporate distribution, where the premium can be paid in monthly payments.
When does the insurance start and when does it end?
The insurance policy takes effect upon receipt of a written and complete application from you, provided it is approved. A written application also refers to an electronic application.
How do I cancel the insurance?
Individuals and companies with fewer than five full-time positions can cancel the insurance at any time and it will expire at the end of the following month after the cancellation is received. Other companies can cancel their insurance one month in advance before the end of the insurance period.
The cancellation must be in writing, e.g. with an electronic signature, and will be valid immediately upon receipt upon receipt.