Disability and critical illness insurance is a living benefit insurance. The product is very customized and companies have specific definitions of each illness. The reason of decline the claim could be that, the beneficiaries may not be qualifying or do not fit in the definitions. Other reasons include fraud or if the waiting time period is not satisfied. Critical illness offers the return of the premium on surrender, expiry and death if you have never claimed. Disability insurance offers 50% of returned premium after every 8 years deduct if any claims were paid.
