Who do you know that has suffered from a serious illness? How did this affect them and their loved ones? Would a lump sum payment have helped their situation and their ability to maintain their lifestyle while taking the time they need to recover?
What would you do if you were diagnosed with Cancer tomorrow? If you knew you could take 6 months off of work and not worry about the financial consequence, would that help? Would you like the freedom of having your spouse or loved one take care of you, without being a burden on their financial well-being?
Critical Illness Insurance protects your financial well-being should you be diagnosed with a life threatening disease such as Cancer or a Heart Attack.
Critical Illness Insurance provides a lump sum tax free payment for the value of your policy should you be diagnosed with one of the covered illnesses and survive the 30 day waiting period. The benefit of Critical Illness Insurance is that you are free to spend the money as you wish—to help replace lost income, to pay for private nursing or out-of-country treatment, for medical equipment, to pay for a vacation and de-stress, or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.
In today’s world, a Critical Illness can and does happen to anyone. About 50% of all Canadians will be diagnosed with a serious illness in their lifetime which makes Critical Illness Insurance an important insurance product that every person should own.
List of Covered Illnesses
- Cancer
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Coronary Bypass
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Heart Attack
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Stroke
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Alzheimer’s Disease
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Aortic Surgery
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Benign Brain Tumour
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Blindness
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Coma
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Deafness
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Heart Valve Replacement
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Kidney Failure
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Loss of Limbs
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- Loss of Speech
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Major Organ Transplantation
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Major Organ Failure (on waiting List)
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Motor Neuron disease
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Multiple Sclerosis
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Occupational HIV Infection
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Paralysis
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Parkinson’s Disease
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Severe Burns
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*covered illnesses can vary depending on the insurer and the policy
Return of Premium
With the return of premium option, you have the flexibility to surrender your policy and be refunded for all of the premiums you have paid after a selected time period (less the administration fee).
Term Vs Permanent
Just like Life Insurance, Critical Illness Policies are available for either a specific period of time (ie 10yr term) or for your lifetime (permanent).
Click here to see the benefits of each option.
In our opinion, Critical Illness Insurance is the MOST important insurance available for two reasons:
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The risk of disease is so high
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With the Return of Premium option you will inevitably get your money back, which essentially equates to free insurance