Definitions
Ionava Health Score Onboarding: Material Omissions Definition
Material Omission
A 'material omission' is the failure to disclose any information that would impact Ionava's onboarding process at the time of application. We have the right to know (transparently) what level of risk we take on when we bring a new User onto our platform, and price their Vault accordingly. If, on reviewing information that an applicant has provided, we discover any material omissions, we will either adjust the terms of their Vault contract or cancel the Vault immediately. In such a case, a Vault User will also forfeit any Wallet funds, and we will also assess a service fee as a penalty.
Ionava ‘Major health event’ Definitions (The Big “What-If”s)
We recommend that you consult a tax advisor regarding your personal circumstances as related to your Vault.
Vaults provide liquidity for Terminal Illness, Chronic Illness or Critical Illness. The Vault subscriber can only elect to access liquidity for one of these qualifying circumstances at any given time. The maximum amount available for election is 90% of Vault value at the time of election and eligibility verification.
The maximum liquidity available is dependent on the type of Major health event at the time of election.
See description of each qualifying term and condition below and reference the “Summary and Disclosure Statement" you receive at time of subscription for more details.
Amounts payable from Vaults may be taxable under certain circumstances. We recommend you consult your personal tax advisor to assess the tax treatment of Vaults in your individual circumstances.
Critical Illness Benefit
The User qualifies as critically ill if a Licensed Health Care Practitioner has certified that the User has had one of the following specified medical conditions within the last 12 months: cancer, heart attack, kidney failure, major organ transplant, or stroke. Critical illness qualification releases 50% of Vault Value at the time of election and verification on first event occurrence and 90% of remaining Vault Value at the time of election and verification on second event occurrence, if applicable, until Vault value depletes entirely.
Chronic Illness Benefit
The User qualifies as chronically ill if a Licensed Health Care Practitioner has certified, within the last 12 months, that the User is expected to be unable to perform for at least 90 days, without substantial assistance from another person, at least two Activities of Daily Living or requires substantial supervision by another person, to protect oneself from threats to health and safety due to severe cognitive impairment. (Activities of Daily Living include bathing, continence, dressing, eating, toileting and transferring). Chronic illness qualification releases 23% of Vault Value at the time of election and verification, also to be released each subsequent year until Vault value depletes entirely.
Terminal Illness Benefit
The User qualifies as terminally ill if a physician has certified that the insured’s life expectancy is 24 months or less. Terminal illness qualification releases 90% of Vault Value at the time of election and verification.