Critical Illness Insurance

Critical Illness Insurance

A critical illness could be one of the biggest challenges you face in your lifetime. Financial obligations, such as supporting your family and unexpected medical bills, can add unnecessary stress. Critical Illness Insurance will provide financial support when you need it most – during your recovery.

 

Why you should consider Critical Illness Insurance?

  • One in three Canadians will develop a life-threatening cancer (1).
  • One in two heart attack victims are under 65 years old (2).
  • Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75 percent will be left with a disability (2).

Although these statistics are alarming, through medical advances, people are surviving illnesses such as cancer, heart disease and stroke.

 

How does Critical Illness Insurance work?

Critical Illness Insurance provides a lump-sum benefit if you are diagnosed with – and survive – a covered critical illness for the survival period of 30 days. Here are just a few ways that your Critical Illness Insurance benefit may assist you during your time of need:

  • Pay off credit cards or other debts;
  • Reduce your mortgage debt;
  • Help keep your business running;
  • Modify your home or vehicle;
  • Fund in-home assistance;
  • Fund a leave of absence for yourself or your spouse;
  • Access advanced medical services outside of Canada;
  • Pay for medications and treatment not covered by provincial health plans; and
  • Spend valuable time with family.

 

Plan types

Flexible options are available for comprehensive Critical Illness Insurance plans, as well as simplified plans, with a solution sure to fit your budget. Critical Illness Insurance is offered by most insurance carriers in the following terms:

  • Term 10
  • Term to age 65
  • Term to age 75

 

Return of Premium options

Wouldn’t it be nice if your car insurance premiums were returned if you never had an accident? With Critical Illness Insurance, it’s possible!

There are two forms of Return of Premium options that are available through select insurance carriers:

  1. Return of Premium on Death – Most Critical Illness Insurance policies offer this option and the monthly premiums are usually very low. Should you pass away from an illness or event not covered under the plan or during the survival period for a covered condition, all of your monthly premiums will be returned to your beneficiary.
  1. Return of Premium on Expiry/Surrender – Few insurance companies still offer this option and the premiums are higher for older individuals. Should you live the duration of the policy (T65 and T75 plans) and not suffer from a critical illness, all of your premiums will be returned to you.

 

A win-win-win scenario

By including both Return of Premium on Death and Return of Premium on Expiry/Surrender, you create a triple-win situation.

WIN
Hold your policy until age 65 and receive 100 percent Return of Premium if you have not made a claim.

WIN
If you die before the age of 65, all of the premiums that you have paid into the policy are paid back to your estate.

WIN
If you suffer from a critical illness, you receive the face amount of the policy and the contract is done.

Additional sources:
(1) Canadian Cancer Society, www.cancer.ca
(2) Heart and Stroke Foundation, www.heartandstroke.ca

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