Liferaft currently offers Critical Supplement Insurance in partnership with APL and AIG. Your clients can find the APL policies in 49 states, excluding Connecticut, and AIG policies in specific states. 

These guaranteed-issue policies are affordable, with plans starting for less than $3 a month. Clients will receive cash benefits in a lump sum upon diagnosis and may use their payout for any type of expenses.

With Liberty Mutual discontinuing its supplement insurance products at the end of the November, Liferaft will be replacing our Critical Supplemental Insurance product with a similar product offered by APL. This product will be available for future sales starting November 1.

The APL and Liberty Mutual Critical Supplement Insurances are very similar. Both are guaranteed issue, have the same payout structure, and the same monthly premiums. Agents will find minor differences in these products such as state availability and the waiting periods.

The new APL product offers expanded benefits for illnesses covered, such as down syndrome and cleft lip/palate. This policy also has a 6-month waiting period and no cap on it's recurrence benefit. The chart above highlights the key similarities and differences between the APL and Liberty Mutual products.

APL's Critical Supplement Insurance starts at $3 a month. This policy is age rated and is available in 49 states, including DC. The only state this product is not available in is Connecticut. There are four types of coverage available from individual to family, as well as three different plan types, Basic, Preferred, and Premium. 

Critical illnesses such as a heart attack, stroke, and cancer will receive 100% of the benefit face amount. Other critical illnesses such as cerebral palsy, cystic fibrosis, and coronary bypass surgery will receive a partial percentage of the benefit amount.

Take a look at the chart below to learn more about the illness covered and the benefit amount clients will receive.

• Individuals between the ages of 18-69 can purchase these policies, and benefits will terminate at age 70. 
• Dependent children are covered until the age of 26.
• For individuals with a pre-existing condition, there is a 6-month waiting period and a 6-month look-back period.
• Look-back period: The existence of a condition that would cause a reasonable person to seek medical care within the 6-month period before the Covered Person’s coverage effective date. 
• There is an uncapped recurrence benefit.
• A health screening benefit is included, meaning clients will be reimbursed up to $50 per policy year for a health screening.

• Coverage types: Individual, Individual + Spouse, Individual + Children, and Family.
• Clients will receive a lump sum payout upon diagnosis of a critical illness. 
• Basic Plan - $10,000
• Preferred Plan - $20,000
• Premium Plan - $30,000

 AIG’s Critical Supplement Insurance starts for as low as $2 a month. These policies are available in select states, are age-rated, and no smoking status is required. There are two levels of coverage individual and family, and four different plan types, Basic, Essential, Preferred, and Premium. 

This Critical Supplement Insurance offers a Cancer plan which only covers cancer, and a CancerPlus plan which covers cancer as well as cardiovascular diagnoses such as heart attack, stroke, and coronary bypass surgery. Both of these policies include accidental death and dismemberment (AD&D) coverage.

• States of availability: ​​AK, AL, DE, FL, HI, IN, KY, LA, MS, NE, NV, NC, ND, OK, RI, SC, SD, WI, and WV.
• Individuals between the ages of 18-60 can purchase this policy, benefits will terminate at age 70. 
• Dependent children's ages vary by state, you can view your state's specific exclusions in your Broker Dashboard. 
• Automatically includes AD&D coverage, covering the loss of life, limbs, speech, sight, or hearing. 
• There is a 30-day waiting period for clients to receive benefits for a cardiovascular diagnosis.
• There is a 60-day waiting period for clients to receive benefits for a cancer diagnosis. 
• For individuals with a pre-existing condition, there is a 12-month waiting period.
• There is no recurrence benefit. Once the plan benefit has become payable to a client, the client will not receive the benefit again for another type of cancer or covered illness.

• Coverage types: Individual or Family.
• Clients will receive a lump sum payout upon diagnosis of cancer or a critical illness. 
• Basic Plan - $5,000
• Essential Plan - $10,000
• Preferred Plan - $15,000
• Premium Plan - $30,000

Is there an issue age for the Critical Illness Supplement?

Yes, for APL policies the issue ages are 18-69, and benefits will terminate at age 70. For AIG policies, the issue ages are 18-60, and benefits will terminate at age 70.

Is the Critical Illness Supplement available nationwide?

The APL policies are available in 49 states, including DC. The only state that this product is not available in is Connecticut. AIG policies are available in the following states: AK, AL, DE, FL, HI, IN, KY, LA, MS, NE, NV, NC, ND, OK, RI, SC, SD, WI, and WV.

What is the waiting period for the Critical Illness Supplement?

APL offers a 6-month look-back period and a 6-month waiting period. It also includes a recurrence benefit that is not capped. AIG has a 12-month waiting period and does not offer a recurrence benefit.