Critical Illness Insurance

What is Critical Illness insurance?

Critical illness insurance is insurance protection that provides you with a lump-sum payment in the event that you are diagnosed with a specified critical illness and you survive the diagnosis by a certain period of time. Once a benefit is received, you can use it however you wish. There are no restrictions.

Unlike life insurance that provides a benefit for your loved ones after you are gone critical illness insurance provides you with a living benefit of a cash payment if you're diagnosed with one of the covered illnesses under the policy.

This payment can be used any way you want. It provides you with the financial resources to offset the strain on increased expenditures at a critical time in your life. This financial assistance will help maintain your quality of life and financial security during the recovery period and help you face your new challenges.

Why do I need critical illness insurance?

Hundreds of thousands of Canadians suffer and more importantly, recover from serious illnesses each year*.

  • 40,000 to 50,000 Canadians have a stroke each year and 75% survive the initial incident.
  • 75,000 Canadians have a heart attack each year and more than 80% of them survive when admitted to hospital.
  • 1 in 3 women and 2 in 5 men in Canada will develop some form of cancer during their lifetime.

With these statistics, chances are good that if you become critically ill, you will recover. But recovery may require costly treatments or changes to your lifestyle. And that’s where critical illness insurance can help.

Critical illness insurance provides you with a lump-sum payment, when you need it most, to be used any way you see fit. This can mean covering treatment costs that the government does not cover, getting help at home or doing home renovations or supplementing your income - it's your choice.

For more information on some of the covered critical illnesses:

Aren’t group insurance and extended health benefits enough?

Group insurance and extended health care benefits may cover some of your needs for a period of time, but often there are other expenses associated with a critical illness that are not covered by your benefits plan. Recovery can take months, and may mean time away from work, and a possible decrease in or loss of income. At the same time, related out-of-pocket expenses such as travel, home care, or therapy may be added to your regular household expenses. The need for additional money may result in depleted savings, reduced retirement or education plan contributions or the liquidation of assets.

Who can apply?

Critical Illness Insurance is available to Canadian residents between the ages of 18 and 64.

When does the Critical Illness Insurance coverage end?

You could get full coverage up to age 100.

What are the covered Critical Illnesses?

The 6 main critical illnesses covered are:

  • Heart attack
  • Life threatening Cancer
  • Stroke/Cerebral Vascular Incident
  • Kidney failure
  • Major Organ transplant
  • Coronary Artery Bypass Surgery

****Many companies offer many more illness’s

What is the Return of Premium Benefit?

If you die and the Critical Illness Insurance benefit is not payable, your estate could be paid the total of the premiums you have paid. This feature ends with the termination of the policy.

Are the Critical Illness Insurance premiums guaranteed?

Your initial premium is guaranteed not to increase from 5 to 10 years. After that the premium will increase every 5 to 10 years depending on the company and the plan you purchase.

How much Critical Illness Insurance can I buy?

You can buy any amount between $25,000 to $1,000,000.00.

How can I pay for the coverage?

There are a number of methods: depending on the Insurer you may choose to pay the monthly premium with your MasterCard or Visa or through the pre-authorized chequing option from your bank account.

How does the 30-day money back guarantee work?

You have up to 30 days to review the Critical Illness Insurance Plan. If you do not agree that it offers you full value for your money, simply contact your agent and they will arrange for a full refund.

How can I use the money I receive?

If you are diagnosed with one of the covered critical illnesses, you will be paid a one-time lump sum, tax free benefit. You can use this money any way you wish. You don't have to provide receipts or explain how you’ll use it.

What medical questions will you ask me?

  1. Have you ever consulted a doctor for, been diagnosed with or had symptoms of any of the following medical conditions: Heart Attack, Chest Pain, Heart disorder, Hypertension (not applicable if blood pressure is normal and is on medication), Coronary Artery disease, Cancer, Stroke/Cerebral Vascular Incident, Transient Ischemic Attack (TIA), Diabetes, Hepatitis C, Hepatitis B (if active at the time of application), Paralysis, Kidney diseases, a disorder of the immune system (such as AIDS, AIDS Related Complex or HIV) or require an organ transplant?
  2. Have you ever had any application for life, disability or critical illness insurance declined, rated, postponed, cancelled or modified in any way?
  3. Has your Mother or Father or any Sisters or Brothers, prior to age 50, OR any two of them, prior to age 65 had; Heart Disease, Stroke, Polycystic Kidney Disease, or Breast, Colon, Ovarian or Prostate Cancer?
  4. Have you used any tobacco, nicotine substitutes or marijuana within the last 12 months?

For More information on Critical Illness insurance and how much is right for me, contact My Team or I at 647-302-0151 or 905-461-3831.